- By Divanshi Sharma
- Thu, 25 Apr 2024 02:14 PM (IST)
- Source:JND
Hyundai Motor Group plans to introduce its first electric vehicles (EVs) manufactured in India by 2025. This move is part of their strategy to strengthen their presence in India's growing EV market, which is currently dominated by Tata Motors. According to a Reuters report, production of these locally made EVs will start by late 2024 and will hit the market by 2025. Additionally, Kia, a subsidiary of Hyundai, will also launch its India-made EV during this period. The group aims to unveil a total of five EV models by 2030.
These Hyundai and Kia EVs will be powered by batteries supplied by Exide Energy Solutions, as they announced earlier this month. This move signifies their commitment to using local resources and infrastructure for their electric vehicle lineup. The Indian market is of significant importance for Hyundai as it is its largest market outside of North America and Europe. The company's Indian unit is gearing up for a massive $3 billion initial public offering (IPO), marking a significant milestone in its operations.
Currently, Hyundai, the second-largest carmaker in India, offers two electric models - the Kona and IONIQ 5, but they are not manufactured locally. Similarly, Kia's electric offering, the EV6 is also imported into India. With the upcoming local manufacturing of EVs, both brands aim to cater more effectively to the Indian market's demands and preferences.
Hyundai also emphasised on its goal of achieving an annual production capacity of 1 million units by 2025. As part of this plan, Kia's production capacity will be increased to 432,000 units from the current 300,000 units. Together, Hyundai and Kia aim to reach a combined production capacity of 1.5 million units, showcasing their commitment to scaling up operations in India.
Earlier this year, Hyundai finalised the acquisition of a former Chevrolet plant in Maharashtra, enhancing its production capabilities in line with its ambitious targets. These developments were announced during the visit of Hyundai Motor Group Executive Chair Euisun Chung to India, highlighting the group's strategic focus on the Indian market and its potential for growth in the EV segment.