The EV race in India is getting racier, as it were. Korean car-maker Hyundai, which is a well-established name in India with its own manufacturing facility in the country, is set to pump in Rs 4000 crore as part of its plan to introduce six electric vehicles (EVs) by 2028.
Hyundai will unveil the first of the six vehicles next year, which is likely to be the electric SUV Ioniq 5. It is said that Hyundai will follow it up with the facelifted Kona Electric, which is likely to be assembled here.
Hyundai, for the record, was the first to bring a contemporary EV in India with the Kona Electric in 2019. But did not seem to pursue it with its usual diligence.
Hyundai is, however, now hoping to cash in on the huge traction in the EV segment in India. Among the existing big automobile names in India, only Tata Motors has made smart moves in the segment, and grabbed a 70% share in the nascent market. The company recently announced that it planned to launch ten EVs in India.
Hyundai’s Chennai facility may go in for expansion
The Hyundai range will comprise six BEVs (battery electric vehicles) across different segments and body styles, including SUV, sedan and CUV (Compact utility vehicle). The company will modify existing internal combustion engine (ICE) vehicle platforms for the new EVs it seeks to introduce here. The premium Hyundai offerings will be based on Hyundai’s E-GMP (Electric Global Modular Platform) dedicated battery electric vehicle platform.
Hyundai’s factory at Sriperumbudur near Chennai can support the production of EV vehicles. How much of it will be put to use for the new project has not been spelt out as of now. But it is said that Hyundai is looking at capacity expansion at this plant. But a lot depends on how its new EVs perform in the market.
Hyundai to strengthen charging infrastructure in India
Concomitantly, Hyundai is also attempting to lure South Korean and Chinese battery makers to set up assembly units in India. According to Hyundai India’s MD and CEO Seon Seob Kim, the company is also nudging local enterprises, including state-owned ones, to set up charging infrastructure and address an important area that seems to be an area of concern for potential EV buyers.
Hyundai, along with Indian Oil, has already set up 50kW DC fast charging stations in four cities, and installed AC fast chargers at 108 dealerships in 15 cities. Battery stations aside, Hyundai is hoping to provide a 7.4kW AC home charger to customers.
Hyundai expects India’s EV market to grow to 175,000 units by 2028, a pointed increase from 12,000 vehicles this year. The number of public EV charging stations is expected to grow to 79,000 by 2025 from 2,900 this year.
Considering these numbers, no wonder Hyundai is doubling down on EVs with a range of offerings.