Hyundai Plans Big Electric Vehicle Push In India With New Models

(MENAFN- KNN India) New Delhi, Jun 18 (KNN) Hyundai Motor India Ltd (HMIL), a major automotive player in the country, has outlined an ambitious strategy to bolster its electric vehicle (EV) portfolio, according to the company's preliminary initial public offering (IPO) documents filed with the Securities and Exchange Board of India (SEBI).

The South Korean automaker plans to introduce four new electric models in the Indian market, including the highly anticipated Creta EV, during the final quarter of the current fiscal year 2024-25.

This move is part of HMIL's efforts to calibrate its EV strategy and align product timelines with market demands in India.

A key priority for the company is to enhance the price competitiveness of its EV offerings.

To achieve this, HMIL intends to focus on securing local production capabilities for critical components such as cells, battery packs, power electronics, and drivetrains.

Additionally, the automaker aims to establish a localised EV supply chain to reduce reliance on imports and foster domestic manufacturing capabilities.

Currently, HMIL's EV line-up in India comprises the premium IONIQ5, priced around Rs 45 lakh, and the Kona Electric, retailing at approximately Rs 24 lakh.

By introducing more affordable models, the company seeks to broaden its market reach and cater to diverse consumer segments.

In a strategic move to support its EV ambitions, HMIL has leased a section of its Chennai Manufacturing Plant to Mobis, a Hyundai Motor Company (HMC) group firm, for the assembly of EV batteries.

This arrangement is expected to reduce import costs for battery packs and enhance supply chain efficiency.

Furthermore, HMIL is actively exploring collaborations with both local and global EV power electronic vendors to localise the EV supply chain.

The company recently announced a strategic partnership with Exide Energy Solutions Ltd to facilitate localised battery production and supply in India.

"The addition of domestically sourced EV models will contribute to diversifying our passenger vehicle offering and further expand our market coverage," stated a HMIL representative in the draft red herring prospectus (DRHP).

As the Indian EV market continues to gain momentum, Hyundai Motor India's ambitious plans underscore the company's commitment to driving sustainable mobility solutions and capitalising on the growing consumer demand for eco-friendly transportation options.

(KNN Bureau)


KNN India

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.