Hyundai to Electrify India with Four New EV Models

Hyundai Motor India Ltd plans to launch four new electric vehicle models, including Creta EV, by the last quarter of the current fiscal. The company focuses on local production capabilities and collaboration for a localized EV supply chain while also aiming to construct charging stations across India.

Hyundai Motor India Ltd (HMIL) is gearing up to revolutionize the Indian automotive market with the launch of four new electric vehicle (EV) models, including the highly anticipated Creta EV, by the end of the current fiscal year, as per its preliminary IPO papers filed with Sebi.

To maximize the price competitiveness of its EV models, HMIL aims to secure local production capabilities for key components, such as battery packs and power electronics, and establish a localized EV supply chain. The company has already leased a section of its Chennai Manufacturing Plant to Mobis for EV battery assembly.

HMIL also plans to develop EV infrastructure in India by constructing charging stations. By March 2024, they had established 11 fast charging stations and aim to expand further to support increased EV adoption. Additionally, the company highlights the need for stable and transparent policies to ensure smooth technology transition and localization in India.