Hyundai Unveils Ambitious Electric Vehicle Strategy as India's Transition to Electric Cars Accelerates
9 days ago | 5 Views
The Indian automotive sector is undergoing a subtle yet significant shift towards electric mobility. In this context, Hyundai Motor India, the country's second-largest car manufacturer, is positioning itself as a major player in this transition. It is increasingly clear that electric vehicles are no longer merely an experimental venture; they are evolving into a standard approach in the industry.
Hyundai’s multi-pronged EV strategy
According to Hyundai, the penetration of electric vehicles (EVs) in the domestic passenger car market, currently at approximately 2.5 percent, is expected to rise to about 12-13 percent over the next five years. This anticipated growth is attributed to favorable policies and the increasing involvement of major industry players such as Tata Motors, Mahindra, and now Maruti Suzuki.
The company asserts that heightened awareness and advancements in infrastructure are contributing to a consensus within the industry that EVs represent the definitive solution, moving away from the previously divisive views on hybrid and alternative technologies, as reported by PTI.
Hyundai’s EV roadmap
Hyundai intends to launch three new electric models and ramp-up the supporting structure in the next few years. The company has articulated plans to localise the manufacturing of key EV components including battery packs, electric drivetrains, and electronic components, which it considers vital for price competitiveness.
In addition to model launches, Hyundai also plans to install 600 fast-charging stations throughout the country by 2031. The company currently offers the premium Ioniq 5 as well as the newly introduced Creta Electric, which is tracking sales approximately around 1,000 units a month.
While EVs are becoming more popular, ICE SUVs are still Hyundai's primary sales vehicle. The Hyundai Creta was the top-selling passenger vehicle for March, with 18,059 sold, and the model has increased sales by 20 per cent year-on-year for FY24. Hyundai's overall SUV penetration is currently at 68.5 per cent, and this is expected to exceed 70 per cent in FY25.
Market outlook and expansion plans
While the longer-term outlook is optimistic, Hyundai foresees low single-digit sales growth in the near term owing to ongoing uncertainty in market conditions. A more defined demand pattern is likely to emerge in the next quarter.
The company also established that manufacturing at its Pune-based Talegaon plant, which it purchased from General Motors, will most probably start in Q3 FY25, possibly expanding the manufacturing capacity as fresh models are launched.
"Get the latest Bollywood entertainment news, trending celebrity news, latest celebrity news, new movie reviews, latest entertainment news, latest Bollywood news, and Bollywood celebrity fashion & style updates!"
