Hyundai to bring five EVs to India by 2032
Hyundai Motor Group, the prominent South Korean automotive manufacturer, has disclosed its strategy for electrifying the Indian market. Capitalising on the growing electric vehicle (EV) sector and growing awareness of eco-friendly transportation, the group intends to gradually introduce EVs from both its brands, Hyundai and Kia, into the Indian market. While Hyundai has introduced the locally manufactured premium Ioniq 5, other automakers, such as Tata, Mahindra, MG, and Citroen, have brought forth more accessible and mass-market electric vehicles, with Tata Motors leading the EV race. Hyundai and Kia's upcoming electric models will provide additional choices for consumers, while their domestically produced mass-market vehicles could generate intense competition in the Indian EV landscape.
Hyundai is set to take the lead in electrification efforts, planning to launch five electric cars in India by the close of 2032, with the first mass-market EV expected in 2024. In contrast, Kia will begin its EV introduction starting in 2025.
Hyundai's all-electric Ioniq 5 has already made its debut in India. This EV garnered exceptional demand, accumulating over 650 bookings within its first month. Originally targeting around 300 units per year, Hyundai revised its target due to the overwhelming response. As per ARAI, the Ioniq 5 boasts a remarkable range of 631km on a full charge.
Hyundai is poised to focus on manufacturing mass-market EVs to capture a substantial portion of the EV market. Simultaneously, it may contemplate introducing EVs from its global portfolio, such as the Ioniq 6, previewed at Auto Expo 2023, projected to launch later this year or in early 2024.
Reportedly, Hyundai envisions India producing around five million passenger vehicles by the decade's end, with 48 per cent being SUVs and 30 per cent comprising EVs. It's likely that Hyundai's first domestically manufactured mass-market EV could be an SUV, potentially based on the Venue model. This EV is likely to employ the existing platform with necessary modifications to accommodate an electric powertrain and ensure safety compliance. Additionally, there have been reports of a Creta EV test mule spotted in India, hinting at a potential launch around 2025. In addition to mass-market offerings, Hyundai is expected to maintain its presence in the premium EV segment with models based on the E-GMP platform.
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