Hyundai has been selling the Kona EV since a while now. Despite the head-start, the Korean carmaker didn’t launch any other EV till now. Recently, the Ioniq 5 was launched at an attractive price. These two electric offerings from the company are expected to further the EV-range. Now, it is said that Hyundai aims to be a market leader with a slew of EV launches by 2028.
Future portfolio of Hyundai vehicles in India
Hyundai is planning to offer cars in multiple segments in India. Especially amongst the electric vehicles, it is said that the company will have a wide range of products ranging from small EVs to big SUVs. The company hopes that a wider range will help to cater to a variety of price brackets. Infact, Hyundai could also plan a dedicated EV factory if the demand for the EV shows positive growth in a short time.
Hyundai India MD, Unsoo Kim has told the media that they want to be at the top spot in India when it comes to electrification. Hyundai was caught slightly unawares with the strong electric growth in India, but Unsoo Kim says that the company is ready to start a new chapter in India.
Hyundai’s EV onslaught in India
We know that Hyundai has already committed a corpus of INR 4,000 crore for its EV portfolio by 2028. Even the dedicated E-GMP platform has been confirmed for the Indian market.
For starters, Hyundai will offer all types of EVs. These include both the dedicated EVs as well as ICE-based EVs. Hyundai does have Ioniq 5, Ioniq 6 and Ioniq 7 based on the E-GMP platform, but the carmaker will focus on smaller, mass-market offerings.
EV market in India
Currently, in the mass-market EV segment, Tata commands an 85-90 percent market share. Mahindra has recently launched its first all-electric SUV, the XUV400. Infact Tata has set a target of selling 1,00,000 units of EVs by FY24 while Mahindra wants to sell 2,00,000 EVs by 2027.
Hyundai too expects an improved market penetration by EVs by 2030. Even the Indian Government is strongly focusing on the EV segment. Hence it is just natural for Hyundai to jump in the EV race. Hyundai is hoping for a 20 percent market share of the EV segment in India by 2023.
Also Read – Hyundai Ioniq 5 launched in India at INR 44.95 lakh.
