India will be one of the EV manufacturing hubs for Hyundai.
14 Oct 2024 | 4745 Views | By Akbar Merchant, Ketan Thakkar
Hyundai, which sells the IONIQ 5 in India, will soon enter the mainstream EV market with the launch of the Creta EV by January. Apart from the Creta EV, Hyundai India plans to bring in three more all-electric products.
The Creta ...
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Hyundai, which sells the IONIQ 5 in India, will soon enter the mainstream EV market with the launch of the Creta EV by January. Apart from the Creta EV, Hyundai India plans to bring in three more all-electric products.
The Creta EV will rival the Curvv EV, the upcoming Maruti eVX, the BYD Atto 3 and the MG ZS EV. The SUV will share a lot with the standard Creta, so one can expect it to be priced competitively.
After the Creta EV, Hyundai's next product will be based on the Inster EV (internally codenamed as HE1i). The Punch EV rival will be the second mainstream EV model from Hyundai and will go on sale in the second half of 2026. It will be based on the born-electric E-GMP (K) platform, and could become one of the most affordable born EVs in India upon launch.
While these two models have been greenlit, there are talks of all-electric iterations of the next-gen Venue and Grand i10 Nios, too. The Venue EV will be a crucial product for Hyundai as it will take on the Nexon EV – the segment leader since its launch. Apart from the Nexon, the Venue EV will also rival the all-new Mahindra XUV300 EV that will go on sale next year. The Grand i10 Nios-based EV will rival the Tiago EV, which has seen decent success thanks to its practical nature and accessible price point. It has no direct rival as far as 5-door EV hatchbacks go.
The next-gen Venue will see a global debut with internal combustion engines sometime next year, so the EV iteration will follow later.
The company had recently committed Rs 20,000 crore for EV development in India over the next eight years. The Korean brand will use India as one of its hubs for manufacturing mainstream EVs. Between the Creta EV (26,000 units) and the Inster-based compact electric SUV (65,000 units), Hyundai Motor India is planning an annual output of over 90,000 units. However, this also includes a significant portion that's been earmarked for exports.