Hyundai will introduce five new EV cars and broaden its range in India

On Thursday, Hyundai Motor said that it will increase the number of vehicles it can produce annually to 1.5 million (15 lakh) for Kia India and Hyundai Motor India (HMIL). The automaker said that it would introduce its first EV made in India the following year.

Hyundai plans to start producing its first electric SUV model in large quantities at its Chennai facility by the end of 2024, and by 2030, it will create five additional EV vehicles from this location. In 2025, Hyundai’s sibling company Kia India will begin producing a locally produced electric vehicle.

This update was given in response to the executive chair of the Hyundai Motor Group, Euisun Chung, visiting India recently and reviewing the group’s mid-to long-term future mobility goals. The Korean automaker’s Indian division is anticipated to make its IPO this year, which coincided with his visit. According to sources, Hyundai plans to submit the draft paper with SEBI by May and conduct the initial public offering (IPO) in the fourth quarter of CY24. In the IPO, HMIL hopes to raise more than $3 billion at a $30 billion value.

The size of this first offering will be the biggest in the history of the Indian capital market. To boost consumer adoption and develop the infrastructure for charging, Hyundai said that the Group would broaden its selection of electric vehicles and establish an EV ecosystem. It will further solidify its advantage in SUV sales.

“We intend to expand exports to neighboring countries by leveraging our strong reputation and competitive quality in India, making India the global export hub to boost our regional market competitiveness,” Chung said.

“We anticipate a significant growth in the EV market by 2030. Hyundai is concentrating on creating regionally customized EVs in front of this transition with the goal of making us a top worldwide EV brand, Chung said. “To encourage the adoption of EVs, we intend to proactively construct charging stations at key locations, including dealerships.”

In the second half of next year, HMIL, the second-largest exporter of passenger cars in India with a 15% market share, will begin operations at its Pune facility, which it purchased from General Motors. More than 200,000 units may be produced a year at this plant.