Hyundai India MD: Underestimated EV market, but not worried about catching up

Unsoo Kim, Hyundai India's managing director, admitted that the Korean brand is late to the electric market.

Published On Jan 20, 2025 12:57:00 PM

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Hyundai India MD Unsoo Kim with Hyundai Creta Electric at Auto Expo 2025

Hyundai Motor India managing director, Unsoo Kim, admitted that the company underestimated the country's EV market initially, leading it to be late in addressing the opportunity. “We didn't expect India's EV market to grow so positively,” said Kim, speaking at Auto Expo 2025. “That's why we are a little late.”

At the same time, Kim said he is not worried about being able to catch up with rivals. Hyundai's competitors such as Tata Motors and JSW MG Motor India have a substantial lead over India's no. 2 carmaker in the EV segment, by investing early and having an aggressive product strategy. Tata’s portfolio currently has five EVs, with the Harrier EV set to join in the next few month. MG Motor currently retails the Windsor, Comet and ZS EVs, with the Cyberster and M9 joining the company’s premium line-up soon.

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“HMC (Hyundai Motor Company), our parent company, is very strong in EV globally in the US and the European market,” said Kim. “So, we have access to HMC’s EV technology like the battery pack or a motor. We are seeing the Indian EV market very positively.” In the mid to long term, the company is eyeing a market share of over 14 percent in the EV segment owing to future launches.

Hyundai's first EV in India was the Kona Electric in 2019, and the Ioniq 5 was the second model brought in as a CKD in 2023. The Kona Electric was discontinued in June 2023. Now, the company plans to strengthen its presence in the mass-market EV segment with the introduction of three new locally manufactured electric models. “We started with the Ioniq 5 and we'll follow a top-down strategy. This time, we have the Creta Electric, and next time onwards, we will go down the segments,” Kim said.

The Korean company adds that it won't leave any segment unattended when it comes to the remaining internal combustion engine (ICE) vehicles. “Currently, we are covering the hatchback, sedan and SUV, and now, the electric. We will explore more opportunities like MPVs, so we cannot lose any segment. We will focus on the hatchback, sedan and SUV segments,” the MD adds.

The Pune plant, he says, will give the company additional capacity. “In the Q4 of this year, 1,70,000 units in phase 1 of Pune plant will be added to our capacity. I think that will also give us more room to introduce more models both in the ICE and EV space,” he said.

Also see:

Hyundai Creta Electric review: All the EV you need

Hyundai and TVS join hands to make micro 3W, 4W electric vehicles in India

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