Hyundai intends to invest Rs 4,000 crore in India by 2028 to power 6 electric vehicles
Hyundai Motor Co., Ltd., the leading auto company in Korea, plans to invest about Rs 400 billion by 2028 to launch about 6 electric vehicles in India. In the coming years, the company plans to launch new models based on the existing lineup and a new model based on the global E-GMP platform. It could be an SUV model to take advantage of the growing demand for SUVs in the automobile market.
Electric vehicles are not only becoming very popular in the market but also in the large market across the globe. The Director of Sales, Marketing, and Services for Hyundai India, Tarun Garg, confirmed that the upcoming EV series will include a variety of designs, models, features. It will also include SUVs, CUVs, and sedans.
E-GMP has been developed on 4 Key Pillars:
Ioniq 5 and Kona are likely to be the two cars from the upcoming 6 vehicles
It is not yet clear what type of electric car Hyundai has prepared to launch. However, the first two of the next six models could be the Ioniq 5 and Kona on the front. The Hyundai Ioniq 5 is an EV SUV that will be expected to be available in the second quarter of the next year. This all-new Electric SUV Hyundai Ioniq 5 is an E-GMP platform-based model and also supports the Kia EV6. There is no doubt that Kia's electric car will hit the market at the end of next year. Tarun about Hyundai Kona further added, “We launched Kona in 2019, and we've had good tests and positive customer reviews, so we're ready to launch the same E-GMP based models by 2028 and we hope that like Kona people will accept these 6 new models with open arms."
Kim said India's second-largest automaker is pushing for the opening of various units in the country after talks with battery makers in South Korea and China. As per Kim, this new investment will be used for the research and development (R&D) of a new line of electric vehicles. He further added that the manufacturer's goal is to reposition some of its existing automatic combustion engine (ICE) platforms to control R&D costs and reach a wide range of Indian customers with affordable electric vehicles. However, we are yet to know the price range of upcoming electric vehicles by Kim. "Our current goal is local production of electric vehicles and local supply of batteries and other key components for electric vehicles," said Kim.
Some electric vehicles are based on the same platform as combustion engine vehicles i.e., IC engines. This strategy has been adopted by others such as Nexon, ZS, and Tigor from Tata and MG. Hyundai India is planning Rs. 4,000 crore in the development of its next electric vehicles lineup. Hyundai India will also seek to develop EV infrastructure through strategic partnerships to promote the usage of electric vehicles in the Indian market.
Today, the Indian electric vehicle market is expected to grow to 175,000 units by 2028, a significant increase from 12,000 units this year, at a CAGR of 53%. Also, the number of public EV charging stations is expected to increase from 2,900 this year to 79,000 in 2025. Rather than build a dedicated electric vehicle network, the company plans to use a large national network of dealers to sell the new range of electric vehicles. The focus of negotiations with lithium-ion battery manufacturers is to create stable forecasts or "quantitative guarantees" to encourage these companies to start local production in India.