Eye on EV offensive, Hyundai Motor prepares new strategy for India

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Hyundai Motor is soon going to change its electric vehicle strategy in India. Being one of the oldest surviving foreign carmaker, the Korean auto giant is planning its next big offensive in the EV space, anticipating a fiercely competitive segment in the country in coming years. The carmaker is preparing a “new Group leadership position in EVs”, which will also include Kia under the Hyundai Group. Hyundai, along with most carmakers offering EVs in India, currently lag far behind leader Tata Motors in terms of market share.

Hyundai had earlier confirmed that it will launch as many as five electric vehicles in India in the next nine years. The Korean carmaker expects electric vehicle sales to go up to 10 lakh units every year by 2030. It also said that the overall passenger vehicle market will breach 50-lakh unit mark with SUVs contributing up to 48 per cent.

To execute its plans to aim for EV leadership, Hyundai plans to set up an Research and Development centre in Hyderabad where the carmaker will work on electric vehicles and autonomous driving technology. Euisun Chung, Executive Chair at Hyundai Motor Group, said India will be a competitive EV battleground in the years to come. “With this in mind, preparations for a new Group leadership position in EVs were also discussed given the country will be a competitive EV battleground in the years to come,” Hyundai said in a statement issued on Tuesday (August 8).

Hyundai Motor currently offers the Kona Electric SUV and Ioniq 5 SUV as its EV offering in India. The Kona Electric was first launched in India back in 2019. The carmaker is yet to launch the facelift version that has already been introduced in global markets. Hyundai launched the Ioniq 5 electric SUV, its second in India, earlier this year. It is expected to line up more, including the Ioniq 6 sedan, some of which were also showcased during the Auto Expo held in January.

By: HT Auto Desk
| Updated on: 09 Aug 2023, 11:47 AM

The all-electric Hyundai Ioniq 5, launched earlier this year at Auto Expo 2023, is only the second electric offering from the Korean carmaker in India.

Watch: Hyundai Ioniq 5 Review: First Drive Impressions

Hyundai Group thinks that the Indian market will soon be driven by only SUVs and electric vehicles. To stay on top of the game, Hyundai plans to optimise its production capacity as well as create a sustainable EV ecosystem. Hyundai will expand the number of EV charging stations to 439 by 2027.

Kia too is expected to launch its second electric car in India soon. It currently sells EV6 electric SUV, the technical cousin to Hyundai Ioniq 5. The Kia EV9 three-row electric SUV, which made its India debut in concept form at the Auto Expo, is also expected to hit the roads soon. Hyundai Group said that its Korean sibling ‘will produce small EVs optimised for the local market from 2025, and will then gradually offer various EV models and Purpose Built Vehicles’. Kia also plans to expand its vehicle range and double its sales touchpoints soon as part of the Kia 2.0 Strategy.

First Published Date: 09 Aug 2023, 11:47 AM IST

https://auto.hindustantimes.com/auto/electric-vehicles/eye-on-ev-offensive-hyundai-motor-prepares-new-strategy-for-india-41691557902493.html

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