Hyundai Motor Company’s upcoming made-for-India compact electric SUV, codenamed HE1i, is expected to carry the Ioniq P name, extending its globally recognised Ioniq nameplate into a more accessible segment of the Indian market.
Outlining its regional product plans during the third-quarter 2026 earnings conference call with analysts on October 29, Hyundai management said the company would introduce the Ioniq P in India following the Bayon. Hyundai Motor India has yet to officially announce the nomenclature, while the management commentary did not explicitly connect the Ioniq P name to the HE1i project.
The upcoming model will lead Hyundai’s effort to narrow the gap between its own electric vehicle penetration and the industry average. India’s electric passenger vehicle sales have risen almost 90 percent so far in FY27, increasing the importance of a more affordable EV in Hyundai’s portfolio.
Tarun Garg, managing director of Hyundai Motor India, said the company aims to bring its EV penetration closer to the industry average in FY28, led by a made-for-India mass-market electric vehicle. Hyundai has not disclosed a sales target for the new model.
The HE1i will sit below the Creta Electric and broaden Hyundai’s reach in the electric SUV market. Autocar India has reported that its debut is expected in January 2027, later than the end-of-2026 timeline indicated earlier.
The company said Creta Electric sales have doubled recently, although the comparison period and corresponding volumes were not specified. The addition of a smaller electric SUV will give Hyundai another product with which to build on that momentum.
Hyundai said the Creta Electric has secured approval under the government’s production-linked incentive (PLI) scheme. It has also applied for approval for the upcoming compact electric SUV and expects to receive it shortly.
The new model will initially use imported battery cells. Hyundai had planned to source locally manufactured cells through its partnership with Exide Industries, but Exide has indicated that supplies under the Hyundai-Kia programme will not begin this year. Local cell sourcing will follow at a later stage.
Hyundai also reiterated its $15.5 billion investment commitment to India and its intention to deepen localisation, including battery cells. The company aims to increase local content from about 81 percent currently to 92 percent over time.
For its more accessible EV offering, local cell supply will be an important part of controlling costs and reducing dependence on imports as volumes grow.