According to the latest media reports, Hyundai India is developing a small all-electric car for the Indian market. The South Korean model will also focus on bringing more premium models to the country this year. Hyundai says, for the ICE models, the company followed a bottoms-up approach. However, for electric vehicles, Hyundai will follow a top-down approach. This approach is similar to what its sister company, Kia, is also following. Kia recently introduced the EV6 in the Indian market, its flagship EV. Later on, the company will bring in smaller EVs, which will help cater to both ends of the EV market.
Hyundai’s Future Plans For India
The next EV to hit the Indian market from Hyundai will be the IONIQ 5. The model uses the same platform as the Kia EV6. However, Hyundai has decided to locally assemble the model in India to keep the price down. The IONIQ 5 will also come with a smaller battery pack than the EV6. This could be one of the reasons for the IONIQ 5’s launch.
Hyundai’s Director for sales, marketing and service, Tarun Garg, recently stated the issues the company is facing. Issues include charging ecosystem, sales network, manufacturing and required assembly processes. He also added that the company wants to have as much localisation as possible. Although he did not comment on the launch timeline for the new small EV, he said the company will do so when they are able to price it right. In addition to this, he said that a widespread charging network is essential for a mass-market EV to succeed.
Hyundai plans to invest INR 40 billion to launch six EVs in India by 2028. Thus, making a big push to the EV industry in India. Currently, EVs account for less than 1 per cent of the total car sales in the country. However, the government aims to increase this to 30 per cent by 2030. This will not only reduce pollution but also reduce India’s fuel imports.
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