Hyundai is planning to launch as many as six new electric vehicles in India by 2028 with an investment of Rs. 4,000 crore
Hyundai Motor India Limited (HMIL) is gearing up to launch a host of new products in the coming months. Following the Venue facelift yesterday, the South Korean auto major is working on bring in the global fourth generation Tucson while the Ioniq 5 electric vehicle will arrive later this calendar year. In the early parts of 2023, Hyundai will likely debut the heavily updated Creta.
According to a recent report that emerged on the internet, Hyundai is developing a small electric vehicle for the domestic market and is currently focussed on strengthening its existing portoflio and introduce more premium vehicles. Tarun Garg, Director Sales, Marketing and Service for HMIL (Hyundai Motor India Limited) told in an interview that the vehicle will be localised as much as possible.
This will likely help in aggressively positioning the electrified model as pricing is a key factor in any model’s success. The company is working on different aspects such as sales network, charging ecosystem, assembly processes and manufacturing for the upcoming EV. While he did not specify the launch timeline, Garg noted that it has to be perfectly aliged “at the right price”.
Hyundai is planning to launch as many as six new electric vehicles in India by 2028 with an investment of Rs. 4,000 crore. In the local market, zero-emission vehicles accound for less than 1 per cent of the total sales but the central government is focusing on increasing its share to 30 per cent by the end of this decade as it looks to bring down the pollution.
He explained: “When it was about cars with internal combustion engines, we had this bottoms-up approach. In electric, we are trying the top-down approach,” For volume-based EVs to be successful, having sufficient charging infrastructure and lower battery prices are essential. Hyundai launched the Kona Electric in 2019 and is expected to receive a facelift in the near future as well.
As for the Ioniq 5, the 2022 World Car of the Year, Hyundai is reportedly looking at locally assembling the electric crossover. Thus, the chances of it being positioned below the recently launched Kia EV6 are high.