Hyundai Motor India Ltd (HMIL), India’s second-biggest car manufacturer, plans to release six new battery-electric cars in India by 2028, with an investment of INR 4,000 crore. The vehicles will span a wide range of classes, from mass to luxury, hatchbacks to SUVs.
The firm did not reveal specifics about the vehicles it plans to introduce, but it did say that there will be an equitable balance between items designed from the ground up and electric modifications of existing ICE vehicles. The first model will be entering the market next year.
As per the automaker, the new Battery Electric Vehicles (BEVs) would be aimed at the general market, with prices ranging between 12 and 15 lakh rupees. The forthcoming BEVs will come in a variety of body designs, giving buyers a diverse selection of cars to choose from.
Hyundai was one of the first international automakers to introduce an EV in India in 2019 when it introduced the Kona SUV through the CKD process.
The company stated that it aspires to gain a larger market share in EVs than it does in ICE vehicles (17%).
As per the statement by the company’s MD & CEO, S S Kim, the firm is focused on the quality of products rather than the quantity. According to him, if quality goals are attained, market share and volume will ultimately divert in their favour.
He added, we have faith in the EGMP platform. Our new cars and this revolutionary technology have been embraced and received by customers in various countries, with excellent sales success.
Customers in the mass market desire a car that is both economical and has long-range and rapid charging. Recognizing this from the standpoint of the OEM is not straightforward. “We want to be cost-competitive while still offering certain high-tech vehicles,” Kim explained.
Kim said. “We will come up with some solution in each case to meet Indian customers’ needs, but prices could be a bit higher because our cars will have so much technology.”
While several governments across the world have established objectives for electrification to achieve combustion engine neutrality, India has yet to set any formal benchmark, but attaining 30% of new car sales by 2030 has been mentioned as an aim.
Hyundai stated that India must strive to meet that goal, but that it should also give incentives, as most other countries do.
Kim stated that the corporation would not wait until 2028 to adjust its objectives if electrification in the nation gained traction before then.