Hyundai Motor India Gears Up for Massive EV Expansion

Hyundai Motor India Ltd plans to launch four new electric vehicle models, including the Creta EV, by the end of the current fiscal year. The company aims to localize its supply chain and boost price competitiveness by focusing on domestic production of key EV components. HMIL is also advancing EV infrastructure across India.

Hyundai Motor India Ltd (HMIL) unveiled ambitious plans to launch four new electric vehicle (EV) models, including the Creta EV, in the last quarter of the current fiscal year, as per its preliminary IPO papers filed with the Securities and Exchange Board of India (Sebi).

The automotive giant aims to maximize the price competitiveness of its EV offerings by focusing on local production capabilities for crucial components such as cells, battery packs, power electronics, and drivetrain. HMIL's draft red herring prospectus (DRHP) also reveals the company's strategy to align its EV rollout with India's market demands, launching appropriate models across various price segments.

Currently, HMIL offers two EV models in India, the IONIQ5 and Kona Electric, which are priced around Rs 45 lakh and Rs 24 lakh, respectively. The company's transition strategy involves moving from high-end premium EVs toward mass-market models as the ecosystem scales up. Moreover, HMIL has leased a section of its Chennai Manufacturing Plant to Mobis for EV battery assembly, aiming to reduce import costs and enhance a localized EV supply chain.