Hyundai hasn’t created a big foothold in the EV market despite getting an early start with the Kona Electric, but that could change shortly. The Ioniq 5, which was released at a very competitive price of Rs 44.95 lakh, is the first modest volley in a series of EVs with which the business hopes to become a market leader.
Hyundai plans to debut six EVs by 2028. Its plant can produce ICE, EVs, and hybrids. Kona Electric and Ioniq 5 are currently available.
It intends to have a diverse portfolio of electric vehicles, ranging from small EVs to large SUVs, built on a variety of platforms, which might include both ICE-derived electric vehicles and a specialised EV skateboard to suit to different pricing points. According to a top company official, it would even contemplate a separate EV factory if the market grew quickly enough.
“We want to be number one in electrification in India,” stated Unsoo Kim, MD of Hyundai India. We didn’t expect India to grow so quickly, but the electrification trend in India is growing quicker than I imagined. We have a lot of resources for electrification around the world, but we want to start a new chapter with India.”
Hyundai has already committed Rs 4,000 crore to developing a half-dozen model portfolios by 2028. It has also been reported that the corporation will launch an E-GMP platform for the Indian market.
“We will cover all EV ranges, some with dedicated EVs, some with ICE derived. We started with some ICE versions before moving on to a specialised model. All automakers now offer specialised EVs as well as EV variants of ICE cars. Finally, I am confident that all segments will be EVs. We are investigating all portions. “We have the Ioniq 5, Ioniq 6, and Ioniq 7 from E-GMP, but we’ll also focus on the smaller automobiles,” Kim continued.
Tata controls more than 85-90 percent of the Indian electric vehicle market. Mahindra, another domestic contender, has also entered the race with the XUV400. Both automakers have set a lofty goal for themselves. Tata has set a goal of selling one lakh vehicles by the end of fiscal year 24, and Mahindra intends to sell two lakh EVs by 2027.
“We want to be a very trusted brand in India, not only in the internal combustion engine arena, but also in the electric vehicle market,” Kim says of how Hyundai anticipates EV penetration to be by the end of the decade. The Indian government is strongly encouraging EV use. Some automotive forecasters predict a minimum of 50%.
According to my understanding, a 20% penetration is conceivable in India.” When asked where Hyundai planned to manufacture this new line of EVs, Kim stated that the present plant can build both EVs and IC engine models.
When asked if the company is looking into establishing a specialised EV manufacturing, he stated, “As demand increases, we are considering all options” (including a dedicated EV plant). In terms of capacity, we have gradually increased capacity over the previous two and a half decades. We are currently exploring all options. We will match the demand of our Indian clientele.”
Our all-electric vehicle. 2023 KONA Electric has a range of 258 miles on a fully charged battery and 120 combined MPGe. MPGe is the EPA-equivalent metric of gasoline fuel efficiency when operating in electric mode. All data are EPA estimates and are provided solely for comparative purposes.
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