Despite having a head start in the EV race with the Kona Electric, Hyundai hasn't established a significant market share in the EV space, but that might soon change. The Ioniq 5, which rolled out in the Indian market at a very competitive price of Rs 44.95 lakh (ex-showroom), is the first EV in the brand's planned line-up of models with which it hopes to dominate the market. The carmaker intends to provide a wide range of electric cars, from small EVs to massive SUVs, constructed on various platforms. These platforms may be either ICE-derived electric vehicles or specifically designed EV skateboard to accommodate various pricing points. Unsoo Kim, MD Hyundai India, earlier stated, “We want to be number one in electrification in India. We didn’t expect India to grow so fast, but in India, the electrification trend is growing faster than I expected. Globally, we have a lot of resources for electrification, but we want to open a new chapter with India.” Now, let's quickly look at how Hyundai plans to cater to Indian buyers in the near future.
Plans on Investing Rs 20,000 Crore for EV Development
Hyundai India recently revealed their investment strategy for the following ten years. The company plans to invest Rs 20,000 crore over a ten-year period, beginning this year, on expanding its India EV lineup and updating its current vehicle and SUV platforms. In a recent event, the Memorandum of Understanding (MoU) was signed in the presence of M K Stalin, the Chief Minister of Tamil Nadu, Unsoo Kim, Managing Director and CEO of Hyundai Motor India, and other top officials. By 2028, Hyundai plans to launch six new battery electric cars (BEVs) on the Indian market, according to a strategy it outlined in 2021. The Ioniq 5 was the first of them, and further models would come in several body types.
The automaker will set up a state-of-the-art battery pack assembly facility with an annual capacity of 1,78,000 units in line with this goal. Over a period of five years, the firm will also deploy 100 EV charging stations at strategic sites along key highways. There are 85 Single Fast Charging Stations (DC 60kW), 10 Single Fast Charging Stations (DC 150kW), and 5 Dual Ultra-Fast Charging Stations (DC 150kW + DC 60kW) in total.
The South Korean manufacturer has further revealed plans to launch new ICE and electric vehicles from its Sriperumbudur facility, increasing total manufacturing volumes to 8,50,000 units annually. Future research into sustainable technology will continue as part of the long-term strategic ambition of the Hyundai Motor Group to support clean energy.
Upcoming Launches and Debuts
In order to introduce six model portfolios by 2028, Hyundai has already committed to investing Rs 4,000 crore, and the firm has indicated previously that it will use the E-GMP platform for the Indian market. By 2028, Hyundai will launch six new battery electric cars (BEVs) in the country, according to a strategy it outlined in 2021. The Ioniq 5 was the first of them, and further models would come in several body types.
The all-electric Creta SUV, which Hyundai is developing, will be on sale in 2025. On the outskirts of Chennai, the first prototype, based on the most recent Creta, was spotted around Feb this year. By the end of 2024, series manufacturing of the Creta EV is anticipated. The SU2i EV, a brand-new SUV, will debut at the 2025 Auto Expo. In the spy photos, a bulge under the body of the current-generation Creta was seen that is unmistakably an electric vehicle battery pack. The vehicle's proximity to an EV charging station further shows that this prototype was definitely an EV based on the Creta. There is currently no information on the electric engine or battery pack that Hyundai intends to deploy on the production Creta EV.
One of the first electric cars to hit the Indian market was the Hyundai Kona EV. To compete with vehicles like the MG ZS EV and the BYD Atto 3, however, the model has grown outdated and needs an update. Additionally, the Korean manufacturer intends to release the revised Kona EV in the second half of 2023 as part of its drive for electric vehicles. Last year marked the global introduction of the new Kona EV. It now has a radical new design, a greater size, and a number of new features. The current Kona EV in India comes with a 39.2kWh battery pack that is said to provide a 452km driving range on a single charge.
The streets of India are ready for the brand-new Hyundai Exter. The small SUV is presently being reserved for Rs 11,000 in advance. It will have a 1.2-litre inline four-cylinder, normally aspirated gasoline engine as well as a CNG fuel choice. The Exter CNG version will only have a manual gearbox, while the petrol vehicles will either have a five-speed manual gearbox or an AMT automated gearbox. Although Hyundai hasn't yet released official power and torque numbers, market estimates indicate that the petrol engine will probably produce 83bhp and 114Nm of torque. On the other hand, the CNG engine is predicted to have a maximum power output of 69bhp and a maximum torque output of 95.2Nm. Hyundai will launch its new SUV in the country on July 10.