South Korean automaker Hyundai Motor India readies its stride into India’s EV landscape by 2024-25. After gauging country’s appetite for electric vehicles with the imported Kona EV SUV in 2019, the company, fast-forwarding four years, is set to amplify its presence in the burgeoning Indian EV arena by 2024-25.
Using a methodical top-down approach, Hyundai acclimated itself to the unique nuances of the Indian market. This foundational work culminated in a strategic decision to leap into the mainstream electric fray, emphasizing sharp localization.
Tarun Garg, COO of Hyundai Motor India, shared insights with Autocar Professional. The EV market in India has moved much faster and other people have already taken the lead, we have to catch up.”
Whispers hint at Hyundai’s foray into electric production, modeled on the beloved Creta platform. If these rumblings hold, January 2025 could witness its debut, aligning with Maruti Suzuki’s electric dynamo, the YY8, a sensation at the 2023 Auto Expo.
Garg disclosed a robust Rs 20,000 crore investment earmarked for the Indian EV domain. We have to drive mass adoption of EVs and that will be possible only through local manufacturing and sourcing. The investment will go towards new model expansion, localization of battery packs, new capacity, etc. Once battery packs are localized, it will bring the costs down,” Garg noted.
Discussing Hyundai’s global powertrain blueprint, Garg highlighted the company’s diverse technical capacities spanning from petrol to EVs. With India’s governmental tilt favoring BEVs via a paltry 5% GST against the heftier 43-45% for hybrids, BEVs naturally command their attention. Still, Garg provided an intriguing perspective on hybrids, commenting, “The policies are very much tuned towards EVs, at the same time, we are not ruling out hybrids. If we feel the market is there, and policies are there, we may look at it. The door is not closed for hybrids, but it is not part of the current plan.“
While EVs garner attention, Hyundai’s journey with internal combustion engine (ICE) options isn’t slowing. They continue infusing the market with innovative models, keen to cater to the diverse Indian demand spectrum. Features like sunroofs, ADAS, and a suite of six airbags underscore Hyundai’s commitment to elevating the Indian consumer experience.
Garg encapsulated Hyundai’s vision beyond mere metrics. “The stock market is at an all-time high, market sentiment is positive. There is a rain deficit, yes, but it is hopefully recovering well in September. The economy is looking good and there is positivity around India post G20. Yes, there are challenges, but we are confident of the mid-term to long-term India growth story. In the next three to five years, the industry should grow faster than the last decade.”
With Hyundai’s ambitious blueprint, the Indian electric vehicular landscape awaits a dynamic metamorphosis. The unfolding narrative promises to be both riveting and transformative.
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