Popular carmaker Hyundai India is finally breaking into the affordable electric vehicle (EV) market in India. It has promised a considerable investment towards tapping into the EV space in the country with its aggressive price tags. It has plans to launch six EV models in India by 2028 with an estimated investment of INR 40 billion towards pumping up the process.
Hyundai India to tap into the EV market in India
According to Tarun Garg – Hyundai India Sales, Marketing, and Service Director in an interview with Reuters, the carmaker will take a top-down approach when it comes to EVs whereas its internal combustion cars have followed the bottom-up approach with aggressive pricing at the start followed by expensive models as it went ahead with various models.
Circling back to the EV space, Hyundai India is ready to pump in INR 40 billion (or $512B) in the Indian EV space where it will launch six EV models over six years till 2028. It will launch both electric and ICE powertrain models in India although EV is currently the niche it will aggressively push forward with various models.
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India has one of the most promising EV markets in the world thanks to its growing popularity. Many carmakers, be it BMW, MG Hector, or TATA Nexa among others, have already launched their EV models. Hyundai India will soon launch both IONIQ 5 and Hyundai Kona EV which will be followed by cheaper models. This is in line with Tarun’s comment that the company is targeting a top-down approach within the EV sphere.
Hyundai India is currently working to resolve issues related to EV cars in India which include a charging ecosystem, and a sales network among others that will help it to roll out EV cars in the future. Furthermore, Hyundai India is going for localization for sourcing and production of the vehicles to keep the expenses on the lower side.
Note that there’s no timeline on when the EVs will arrive in India although Tarun did mention that the time should be right when the vehicle is all set to make its Indian debut.
