Hyundai has reiterated its commitment to the mass-market electric vehicle market by announcing plans to launch four EVs over the next three years, starting with the eagerly anticipated Creta EV. According to Tarun Garg, COO of Hyundai Motor India, the Creta EV will launch in the upcoming quarter. Additionally, the company is committed to accelerating the localization of parts for electric vehicles and cars with internal combustion engines.
Garg highlighted two crucial elements for Hyundai’s aspirational expansion aspirations to be realized. Hyundai’s two current facilities in Tamil Nadu might increase their capacity from 824,000 units to 1.1 million units by 2028 after acquiring the Talegaon complex in Maharashtra. An rise in numbers will translate into a larger market share and profit. This leads us to the second problem, which is that since India is a manufacturing powerhouse for over 80 countries, Hyundai is focusing on exports. The capacity expansion will provide the South Korean manufacturer with much-needed boost, as approximately 20% of the output is exported.
The price and applicability of electric vehicles (EVs) depend heavily on the location of batteries and componentry. Hyundai therefore plans to manufacture necessary parts in India and construct the necessary electrification infrastructure.
Hyundai intends to do this by investing Rs 32,000 crore over the next eight years to create a regional center for EV development, which will involve the production of battery packs in India. This effort aims to make EVs more affordable and accessible to the general public.
