Hyundai Motor is revving up its electric vehicle (EV) plans for India, with the launch of four new models on the horizon. This information comes from documents filed with SEBI, the Indian market regulator, for an upcoming initial public offering (IPO).
EV Focus with Local Production:
- The lineup includes an electric version of the highly successful Creta SUV, a major player in the Indian market.
- To enhance cost efficiency and reduce import reliance, Hyundai is establishing a local supply chain for key EV components.
- This includes leasing a portion of their Chennai manufacturing plant to Mobis, a Hyundai Motor Group company, for EV battery assembly.
Hybrid Ambitions by 2026:
- While EVs take center stage, Hyundai’s parent company, Hyundai Motor Group (including Kia), is exploring alternative strategies.
- They are considering introducing a hybrid SUV similar in size to the popular Creta.
- Both Hyundai and Kia aim to launch these hybrid SUVs by 2026 or 2027.
Existing Market and Future Plans:
- Currently, Hyundai offers both petrol and diesel cars alongside imported EVs like the IONIQ 5 and EV6.
- Their first Made-in-India EV is expected in 2025.
- Despite competition from other automakers, the Creta has maintained strong sales, exceeding 10 lakh units sold recently.
Hyundai Motor, one of the major automobile companies, plans to launch four electric vehicles (EV) in the country. These will also include the electric version of Creta, the company’s most sold SUV. EV sales have grown rapidly in the last few years.
This information is in the documents submitted by Hyundai to market regulator SEBI to raise funds through an initial public offering (IPO). The company plans to create a local supply chain for important components of EV. Hyundai has leased a part of its manufacturing plant near Chennai in Tamil Nadu to Hyundai Motor Group firm Mobis for assembling EV batteries. This will reduce Hyundai’s cost on import of battery packs. The
company plans to launch hybrid cars in India by 2026. South Korea’s Hyundai Motor Group has changed its strategy and started exploring possibilities other than electric vehicles (EV). Hyundai Motor Group includes Hyundai Motor and Kia. It is considering bringing a hybrid sports utility vehicle of the same size as its best-selling mid-size Creta SUV in India. Hyundai and Kia target to launch hybrid SUVs in 2026 or 2027. Along with this, the plans of these companies regarding EV are also intact.
Both these automobile companies sell petrol and diesel cars in the country as well as imported EVs like IONIQ 5 and EV6. They plan to launch their first Made in India EV in 2025. Recently, the sales of Creta crossed 10 lakh units. The company ‘s first SUV in the country was launched almost nine years ago. Despite the launch of models of many automobile companies in this segment, Creta has received a good response. It competes with Kia’s Seltos, Maruti Suzuki’s Grand Vitara, Tata Motors’ Harrier, Mahindra’s Scorpio-N and Skoda’s Kushaq. Some updated versions of Creta have been introduced in the last few years. Recently the company introduced its new version.