Hyundai to launch 4 new EVs in India by 2025
Hyundai has announced plans to introduce four new electric vehicle (EV) models in India, including the much-awaited CRETA EV, by the last quarter of fiscal 2025. The company's preliminary IPO papers filed with the Securities and Exchange Board of India (SEBI) revealed this ambitious plan. Currently, the Korean marque sells two EV models in India, the IONIQ 5 and KONA Electric, priced around ₹45 lakh and ₹24 lakh, respectively.
Hyundai's strategy for EV market in India
Hyundai is focusing on enhancing the price competitiveness of its EV models in India. The company plans to secure local production capabilities for key parts such as cells, battery packs, power electronics, and drivetrain. "We are following a transition strategy, having started with the launch of high-end premium EVs and plan to transition toward the mass markets as the EV market and ecosystem scales up in India," the company stated.
Hyundai's efforts to localize EV supply chain
To support its EV strategy, Hyundai has leased a section of its Chennai manufacturing plant to MOBIS, a Hyundai Motor Company (HMC) group firm, for assembling EV batteries. This move is expected to reduce import costs for battery packs. Additionally, HMC recently announced a strategic collaboration with Exide Energy Solutions in 2024 to facilitate localized battery production and supply in India.
Hyundai's plans for EV infrastructure development
Beyond manufacturing, HMIL is also focused on developing the EV infrastructure in India by constructing charging stations. As of March 31, 2024, the company has established 11 fast charging stations in India and plans to install more charging points across cities and highways. The company aims to increase localization to secure production-linked incentive (PLI) subsidies and transition to a dedicated EV platform to optimize costs.
