South Korea’s Hyundai Motor Group has announced its ambitious strategy to expand its electric vehicle (EV) presence within India, reflecting its strong confidence in the country’s automotive market.
The group, already holding the second position in India’s car sales, aims to introduce five new EV models under the Hyundai and Kia brands by 2032. This plan supplements the existing Kona and Ioniq 5 sport utility vehicles (SUVs) that are already being sold. Hyundai also intends to expand its charging network to include 439 stations by 2027.
Kia, another brand under the Hyundai Motor Group, plans to commence the production of compact EVs by 2025. Alongside this, the company will invest in EV charging infrastructure and expand its sales network, aiming to elevate its current domestic market share from 6.7% to 10%. This move aligns with Hyundai Motor Group’s substantial investment of $2.45 billion into enhancing EV production in India.
As the group predicts a considerable rise in EV demand within India, it anticipates selling around 1 million EVs by 2030, a significant surge from the 48,105 units sold in the fiscal year 2023, according to government data. This projection also considers the potential inclusion of
Tesla’s locally manufactured EVs, as Tesla is preparing to introduce EVs in India, starting from $24,000. Hyundai Motor Group views India as a progressively crucial hub for both EV manufacturing and sales, shaping its strategic direction for the future.