Hyundai Motor India to Introduce Full Electric Vehicle Models in Mass and Premium Segments

Hyundai Motor India is gearing up to introduce fully electric vehicles in both the mass and premium markets, supported by a localised supply chain. The company announced its plans to launch the Creta EV in the last quarter of this fiscal year, alongside four additional EV models in the coming years. This move aligns with India's growing electrification trend, driven by government initiatives and a focus on electric vehicles by various manufacturers.

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Unsoo Kim, Managing Director of Hyundai Motor India, highlighted the company's access to Hyundai Motor Company's global EV and battery technologies. "We in India are planning to launch the full EV model, of course, in the mass and premium segment including our Creta EV in this financial year," Kim stated during a roadshow before the company's IPO. He also mentioned efforts to establish local supply chains for components like battery packs and powertrains.

Investment Plans and Market Strategy

The company plans to invest approximately Rs 32,000 crore in India over the next decade. This investment will include automating its second manufacturing facility in Pune, significantly increasing production capacity. Tarun Garg, Chief Operating Officer of Hyundai Motor India, noted that this expansion would provide additional capacity by 2028, enhancing both domestic and export volumes.

Garg emphasised the importance of maintaining a balanced approach to growth. "The important thing is the quality of growth while keeping track of volumes and market share," he said. Hyundai aims to continue focusing on both domestic and export markets, serving as a hub for emerging regions like the Middle East, Africa, Asia, and Latin America.

Focus on SUVs and Customer Preferences

Hyundai recognises the potential for SUVs in India due to their growing popularity. Garg stated that while SUVs are currently in demand, Hyundai remains committed to offering a full range of vehicles to cater to diverse customer preferences. "We believe that in a market like India you need to be present in every segment," he added.

Kim also mentioned Hyundai's leadership in hybrid technology since 1998. The company is well-positioned to introduce new models with various powertrains based on customer demand. This includes petrol, diesel, CNG, hybrid, plug-in hybrid, and even hydrogen vehicles.

Festive Season Optimism

With festivals like Navratra, Dussehra, and Dhanteras occurring in October, Hyundai is optimistic about increased demand during this festive season. "I am optimistic that this month will see a good demand not only for Hyundai but for the overall industry as well," Kim expressed.

The introduction of the Creta EV is expected to capture significant market share within the high-volume EV segment. Garg noted that Hyundai's domestic-to-export volume ratio stands at 80:20. The company remains focused on both markets due to fluctuating demand and global economic conditions.

Hyundai's commitment to innovation extends beyond vehicles. The company is exploring software-defined vehicles with advanced infotainment systems to ensure continuous growth. As they expand their portfolio with new models and premium offerings, Hyundai aims to leverage its parent's global ecosystem for further development.