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Informist, Wednesday, Oct. 9, 2024

 

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--Hyundai Motor India MD: India in early stage of vehicle electrification
--CONTEXT: Hyundai Motor India MD Unsoo Kim at pre-IPO meet 
--Hyundai Motor India MD: Developing electric vehicle ecosystem in India 
--Hyundai Motor India MD: To launch electric Creta in Jan-Mar 
--Hyundai's Garg: Plan to reach 1 mln unit capacity with Pune plant addition 

MUMBAI – Hyundai Motor India Ltd will launch its first electric vehicle in India in Jan-Mar of 2024-25 (Apr-Mar), and follow it up with three more launches in the medium term, the company's Chief Operating Officer Tarun Garg said on Wednesday. The automaker will first launch the electric variant of its popular sport utility vehicle Creta, and will introduce more electric vehicles across mass and premium segments.  

 

The Indian unit of the South Korean automaker Hyundai Motor Company intends to become the global manufacturing hub for the parent company for emerging markets. "India is in the early stage of (automobile) electrification. The country's electric vehicle sales are expected to grow strongly by 2030, led by the government's strong initiatives and many other OEM (original equipment manufacturer) EV focusses. Hyundai Motor India has access to Hyundai Motor Company's electric vehicles and factory technologies, and so we are developing an electric vehicle ecosystem in India," the company's Managing Director Unsoo Kim said at a press conference held to discuss its initial public offering.

 

On the slow start on electric vehicle introduction in India, Garg said, "Our electric vehicle strategy in India is top-down. It is built on localisation with battery pack assembly and other key parts, and of course, collaboration with local and global vendors. Also, we will keep developing India's charging infrastrucrture."

 

Hyundai Motor India also plans to expand its manufacturing capacity to nearly 1 million units per annum from 884,000 units now. Currently, the company has manufacturing facilities in Chennai, and plans to partially start its facility in Pune by the second half of FY26. End

 

Reported by Darshan Nakhwa 

Edited by Deepshikha Bhardwaj

 

 

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