Hyundai to Launch 4 EV Models in India

Hyundai Motor, one of the major automobile companies, plans to launch four electric vehicles (EVs) in the country. These will also include the electric version of the company’s most sold SUV, the Creta. EV sales have grown rapidly in the last few years.

This information is in the documents submitted by Hyundai to market regulator SEBI to raise funds through an Initial Public Offer (IPO). The company plans to create a local supply chain for important components of EVs.

Hyundai has leased a part of its manufacturing plant near Chennai in Tamil Nadu to Hyundai Motor Group firm Mobis for assembling EV batteries. This will reduce the cost of import of Hyundai’s battery pack.

The company plans to launch hybrid cars in India by 2026. South Korea’s Hyundai Motor Group has changed its strategy and started exploring possibilities other than electric vehicles (EV). Hyundai Motor Group includes Hyundai Motor and Kia.

It is considering bringing a hybrid sports utility vehicle of the same size as its best-selling mid-size Creta SUV in India. Hyundai and Kia target to launch hybrid SUVs in 2026 or 2027. Along with this, the plans of these companies regarding EV are also intact.

Both these automobile companies sell petrol and diesel cars in the country as well as imported EVs like IONIQ 5 and EV6. They plan to launch their first Made in India EV in 2025. Recently, the sales of Creta crossed 10 lakh units.

This first SUV of the company was launched in the country almost nine years ago. Despite the launch of models of many automobile companies in this segment, Creta has received a good response.

It competes with Kia’s Seltos, Maruti Suzuki’s Grand Vitara, Tata Motors’ Harrier, Mahindra’s Scorpio-N and Skoda’s Kushaq. Some updated versions of Creta have been introduced in the last few years. Recently, the company introduced its new version.