Hyundai has confirmed its focus on the mass-market electric vehicle segment, with plans to launch four EVs over the next three years, starting with the highly anticipated Creta EV. According to Tarun Garg, COO of Hyundai Motor India, the Creta EV is set to debut in the upcoming quarter. Additionally, the company is committed to accelerating the localisation of components for both electric and internal combustion engine vehicles.
Hyundai India: Expansion plans
Hyundai has ambitious expansion plans and for that to become a reality, Garg highlighted two crucial points. Hyundai’s two current plants in Tamil Nadu have a capacity of manufacturing 824,000 units, which will increase to 1.1 million by 2028 after acquiring the Talegaon plant in Maharashtra. An increase in numbers will lead to a larger market share and profit. This leads to the second point where Hyundai is focused on exports as India is a manufacturing hub that caters to over 80 countries. With around 20 per cent of the volume being exported, the increase in capacity will be a much-needed shot in the arm for the South Korean car manufacturer. “Export is an integral part of the strategy as Hyundai is exporting to 80 plus countries (Middle East, Asia, Africa, Latin and Central America),” said Garg.
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Localisation to turbocharge India as manufacturing hub for EVs
To make electric vehicles (EVs) both relevant and affordable, localising components and batteries is essential. Therefore, Hyundai plans to produce key parts in India and develop the necessary electrification infrastructure.
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To achieve this, Hyundai will invest Rs 32,000 crore over the next eight years to create a localised EV development hub, including the production of made-in-India battery packs. This initiative aims to make EVs affordable and accessible to mass-market buyers.
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