Hyundai Motors India plans to launch six electric cars in the country in the next six years by 2028 at an investment of USD 512 million. The South Korean automaker has already started working on new, affordable EVs for the Indian market as per a company executive.
Hyundai is the second-largest car maker in India and the company currently offers two electric cars in the country namely the IONIQ 5 and KONA electric. Global auto manufacturers are bullish on India’s electric vehicle space that remains untapped.
Affordable Hyundai EVs in development
Hyundai’s Director of Sales Tarun Garg told Reuters that the company is working on affordable EVs for the Indian market. The South Korean automaker has plans to launch multiple models in both electric as well as ICE powertrain options this year. In future, Hyundai aims to make and introduce compact and affordable electric cars for the Indian market.
To make electric vehicles affordable, Hyundai aims for heavy localisation to keep the production and sourcing costs low. A part of the investment will go towards establishing the infrastructure required for EVs like charging networks, sales, local assembly and manufacturing.
The timeline of Hyundai’s affordable electric vehicle remains unclear. However, the executive said that the timing for the product has to be right to price the vehicle suitably.
Although automakers like Tata are already launching their electric vehicles in India, the public infrastructure is still at a nascent stage. Hyundai believes to solve this problem with a top-down approach where it targets the affordable and mass segments first and then roll out premium options.