Hyundai Motor Group plans to produce mass market EVs in India to significantly increase sales of EVs in the country, with both brands under the group – Hyundai and Kia – set to have more volume products.
Hyundai plans to introduce five EVs by 2032. Kia, on the other hand, will also produce small EVs for the local market starting from 2025, and then gradually offer more EVs across various price points.
This plan was shared by the company on the sidelines of its executive chairman Euisun Chung’s visit to Hyundai Motor India's R&D centre. The South Korean carmaker expects the Indian market to sell 50 lakh passenger cars by 2030; 48 percent will be SUVs and 30 percent will be EVs.
"The country is 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 EVs contributing 30 percent of total vehicle sales by 2030," the company said in a statement.
Hyundai also stressed its R&D arm works closely with the Hyundai-Kia Namyang R&D centre in Korea to develop vehicles that are tailored for the Indian market. The research includes future mobility research, electrification, autonomous driving and the development of voice recognition technology in local Indian languages. The carmaker has also begun construction of a new test facility.
"By analysing the Indian market, Hyundai Motor aims to grow quantitatively by strengthening its leadership in SUVs and expanding its EV line-up," elaborated the statement.
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