Hyundai to launch India manufactured EVs by 2025

29 Apr 2024 , 12:30 PM

Hyundai Motor Group, the parent company of Hyundai and Kia brands, plans to introduce its first electric vehicles manufactured in India by 2025, aiming to strengthen its presence in the growing electric vehicle market, which is currently dominated by Tata Motors.

Production of Hyundai’s locally made electric vehicles is set to commence by the end of 2024, with the launch scheduled for 2025. Kia’s India-made electric vehicle will also be introduced during this period. The group aims to unveil a total of five electric models by 2030.

Both Hyundai and Kia will utilize batteries from Exide Energy Solutions to power their electric vehicles, as announced earlier this month.

India represents a significant market for Hyundai, second only to North America and Europe. The company’s Indian unit is preparing for a $3 billion IPO, the country’s largest.

Hyundai, ranked as India’s second-largest carmaker, is renowned for its popular ‘Creta’ sport utility vehicle. Currently, Hyundai sells two electric models in India, the Kona and IONIQ 5, both of which are imported. Kia’s sole electric offering, the EV6, is also imported.

The company reiterates Hyundai’s target of achieving an annual production of 1 million units by 2025. Additionally, Kia’s production capacity will be expanded from about 300,000 to 432,000 units. Together, the combined capacity will increase to 1.5 million units.

Earlier this year, Hyundai acquired a former Chevrolet plant in western Maharashtra state, as part of its strategy to ramp up production to meet the 1 million-unit target.

These announcements were made during the visit of Hyundai Motor Group Executive Chair Euisun Chung to India, marking his second visit in less than a year.

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