Hyundai India plans to launch four electric vehicles, adopting a top-down approach. "We plan to transition towards the mass markets as the EV market and ecosystem sales increase in India," the company said.
15 Jun 2024 | 6666 Views | By Kiran Murali and Ketan Thakkar
Hyundai Motor India plans to calibrate its EV strategy and plan its EV timeline in line with market demand in the country by launching appropriate models, according to the draft red herring prospectus filed by the company with the Securities Exchange Board of India for an IPO.
The update ...
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Hyundai Motor India plans to calibrate its EV strategy and plan its EV timeline in line with market demand in the country by launching appropriate models, according to the draft red herring prospectus filed by the company with the Securities Exchange Board of India for an IPO.
The update comes at a time when the country's electric car market has started witnessing a slowdown in growth, and EV volumes are falling month on month.
The DRHP stated that Hyundai India will launch four new electric vehicles, including a mass-market model. Its popular Creta EV will be available at the end of the current financial year.
“We are following a transition strategy, starting with the launch of high-end, premium EVs. We plan to transition towards the mass markets as the EV market and ecosystem sales increase in India. In line with this, we aim to launch four EV models in the future, including Creta EV, in the last quarter of Fiscal 2025,” the company said.
Hyundai India believes that its South Korean parent company's diversified xEV portfolio, which includes battery EVs, hybrid EVs, plug-in hybrid EVs, mild hybrid EVs, and fuel cell EVs, will be a “key enabler” for EV strategies in India.
“We believe that our experience in developing dedicated, localised ICE models will help us leverage their know-how to develop localised xEV models for the Indian market,” the DRHP note added.
Hyundai Motor India had announced an investment of Rs 20,000 crore towards the electric vehicle business in Tamil Nadu last year and has plans to bring hybrid powertrains too in the future.
To maximise the price competitiveness of its EV portfolio, the company intends to focus on securing local production capabilities for key parts such as cells, battery packs, power electronics, and drivetrains and building a localised EV supply chain.
The company has, infact leased a section of the Chennai Manufacturing Plant to Mobis for the assembly of EV batteries, which will be supplied to us, reducing our import costs for battery packs, informed the company.