Hyundai Plans To Launch Five EV Models In India By 2032

Hyundai Plans To Launch Five EV Models in India by 2032

South Korean car manufacturer Hyundai Motor Group has planned to launch five electric car models in India by the end of 2032. It also planned to increase its charging infrastructure in the country to boost electric mobility in the country, the company said in a statement. 

The company revealed the information during the visit of its Group Executive Chair Euisun Chung to India. The company said that it would expand the number of EC charging stations to 439 by 2027 to cater to the needs of the rising electric car market.

The company said that its Kia Corp. plans to target the Indian EV market with small EVs best suited to the local market. “Kia Corp. plans to strenuously target the Indian EV market based on its premium image and technological competitiveness, building on the popularity of SUVs such as the Seltos and Sonet. First, Kia will produce small EVs optimized for the local market from 2025, and will then gradually offer various EV models and Purpose Built Vehicles (PBVs). The company will also develop EV charging infrastructure,” the company said. 

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Through its ‘Kia 2.0 Strategy,’ the company aims to increase its market share in India from 6.7 percent in the first half of this year to 10 percent in the coming years. Kia plans to expand its vehicle range and more than double its sales network from the current 300.

Hyundai Motor Group is now firmly established as the No. 2 automaker in the Indian market. Following last year’s record-breaking sales of 807,067 units, the company has sold 502,821 units throughout July this year, up 8.8 percent year over year. This year’s sales target is 873,000 units, 8.2 percent more than last year.

“The growth of the Indian car market is expected to be driven by SUVs and EVs. SUVs are expected to account for 48 percent of the country’s expected 5 million vehicle unit sales by 2030, while EVs are expected to reach 1 million units.,” the company said in its media statement. 

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EV sales, including Completely Knocked Down (CKD) assembled units, nearly doubled from a year earlier to 1,181 units. In the future, Hyundai and Kia plan to mass-produce EV volume models at Indian plants to significantly increase EV sales.

Production at the Indian plants has also increased. Cumulative production through July this year was 630,230 units, up 8.7 percent from 580,049 units last year. 

Hyundai Motor has expanded its production capacity accordingly. A new paint shop and additional capital investments have enabled the company to produce 824,000 units, an increase of 54,000 units from 770,000 units.

Group Executive Chair Euisun Chung, during his visit to India, visited Hyundai Motor India Engineering (HMIE) located in Hyderabad, the brand’s R&D hub in India, and the automobile plants in Chennai and discussed mid- to long-term growth strategy with local employees.

Yesterday, Chung met Tamil Nadu Chief Minister MK Stalin and talked about strategies for developing the Indian automotive market. In May, Hyundai Motor Group and Tamil Nadu forged a memorandum of understanding, marking their commitment to invest INR 200 billion over the next decade to bolster the electric vehicle ecosystem and modernize production facilities. 

In pursuit of building this ecosystem, the outlined plans encompass establishing an EV battery pack assembly plant, expanding the electric vehicle lineup, and installing a hundred high-speed charging stations at key locations spanning across Tamil Nadu.