Hyundai Motor plans to have 5 EVs in India by 2032, Chairman Chung visits India for long term review
Executive Chair Chung’s visit to India included a review of the strategic importance of India as a future mobility hub.
Hyundai Motor Group plans to mass-produce EV volume models at its Indian plants to significantly increase EV sales in the country and both the brands of South Korean Chaebol - Hyundai and Kia will have volume models in the future.
Hyundai Motor plans to have 5 EVs by 2032, whereas Kia plans to strenuously target the Indian EV market, based on its premium image and technological competitiveness, building on the popularity of SUVs such as the Seltos and Sonet. First, Kia will produce small EVs optimised for the local market from 2025, and will then gradually offer various EV models and Purpose Built Vehicles (PBVs). The company will also develop EV charging infrastructure.
The vision was shared by the company on the sidelines of its Executive Chair Chung's visit to the Hyundai Motor India R&D centre and facilities to review India market’s growth potential and future the business strategy, including electrification.
The South Korean car maker expects the India market to sell 5 million passenger cars by 2030, of which 48% will be SUVs and 30% will be EVs.
Executive Chair Chung’s visit to India included a review of the strategic importance of India as a future mobility hub. With this in mind, preparations for a new Group leadership position in EVs was also discussed, given that the country will be a competitive EV battleground in the years to come, said the company in a statement.
The Group is focused on the growth potential of India as a future mobility hub … R&D: accelerating the development of strategic models for the local market and future mobility research capability. On the production and sales: the group is preparing for a market leadership through strengthening SUV offering and expanding EV line-up, added the note from the company.
"The country is also becoming an increasingly important centre for electric vehicle (EV) production and sales. The Indian government is pursuing a strong electrification policy, with the aim of increasing EV sales to 30 percent of total vehicle sales by 2030," added the statement from the company.
The South Korean car maker also stressed its R&D arm HMIE plays an important role in increasing sales in the Indian market and works closely with the Hyundai-Kia Namyang R&D centre in Korea to develop vehicles that are tailored for the Indian market.
In addition to strengthening local R&D capabilities, HMIE will expand its role as a hub for future mobility research, including electrification, autonomous driving, and the development of voice recognition technology in local Indian languages.
To this end, construction of a new test facility began last year.
Executive Chair Chung stressed that in order to establish first mover advantage, it is crucial to deliver products that exceed customer expectations in a timely manner and that HMIE should be a driving force for the Group’s growth in the Indian market.
Executive Chair Chung visited the Hyundai Motor India plants in Chennai and discussed mid- to long-term development plans for production and sales with the employees. In particular, he considered the reorganisation of the automotive value chain in the works, with a focus on India.
"By systematically analysing the Indian market and its customers, Hyundai Motor aims to grow quantitatively by strengthening its leadership in SUVs and expanding its EV line-up and to establish itself as the most trusted brand in India through customer-centric activities and social contributions," elaborated the statement.
The event served as a platform for more than 50 EV component manufacturers across various vehicle segments.
The company inaugurated two state-of-the-art unit and aims to employ over 250 skilled personnel.
The ACMA EV Expo 2024 featured over 100 EV component manufacturers catering to all vehicle segments.