Hyundai Motor Company’s Global President and CEO José Muñoz has said that India is on course to become one of the world’s most competitive electric vehicle (EV) hubs, supported by its expanding technological capabilities, localization efforts, and favorable government policies.
Speaking at Hyundai Motor India’s first-ever CEO Investment Day in Mumbai, Muñoz stated, “Without a doubt, India not only could be, but is going to be definitely one of the most, if not the most, competitive EV hub in the world.”
He emphasized that the shift to electric vehicles is being driven primarily by technological advancements rather than regulatory pressure.
“EV is happening because basically the performance of the vehicles is superior, in terms of dynamics, in terms of acceleration. And as the technology evolves, for sure it’s going to be established as the leading technology,” he said.
Highlighting localization as a cornerstone of India’s EV growth, Muñoz noted that the development of a strong local supply chain would be crucial to positioning the country as a leading global EV manufacturing and export hub.
“If we set up a very strong local supply chain for EVs, with the best battery technology, the best safety, the best performance, the best quality… There is no doubt that India will be a top hub of EV globally,” he remarked.
He also underscored the importance of robust infrastructure and a reliable electricity network to support widespread EV adoption.
“If the policy allows for India to provide enough power so that people can recharge the vehicles without a problem, I don’t think there is any doubt that India will be a top hub of EV globally,” Muñoz added.
While reaffirming Hyundai’s commitment to electric mobility, Muñoz said the company would follow a multi-technology strategy that integrates electric, hybrid, and extended-range vehicle solutions.
“We don’t see EVs as stand-alone, but we see it in combination with other technologies like REV, like hybrid or even plug-in hybrid,” he said.
The comments came as Hyundai announced a ₹45,000 crore ($5.4 billion) investment plan through FY2030 to expand its manufacturing operations, introduce 26 new models, and launch its first locally manufactured electric SUV.
The company also plans to roll out five EVs and eight hybrid models while introducing its premium Genesis brand in India as part of its long-term strategy to make the country its second-largest market and a key global hub for innovation and exports.
Concluding his remarks, Muñoz said, “EV is not a matter of political position… It’s about performance and innovation. And with the right ecosystem, India will be right at the center of this transformation.”
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