upcoming plans from Hyundai for India
South Korean automaker Hyundai Motor Group plans to launch five electric car models in India by 2032. It also plans to strengthen the charging infrastructure in the country to boost mobility. According to a statement by the company, there is a shortage of electricity in the country.
The company disclosed the information during Group Executive Chairman Euisun Chung’s visit to India. As a result of the growing demand for electric cars, the company plans to increase the number of EC charging stations to 439 by 2027.
The company said Kia Corp. plans to target the Indian EV market with a small EVS more suited to the local market. “Kia Corp. plans to aggressively target the Indian electric vehicle market based on its premium image and technological competitiveness, based on the popularity of SUVs such as the Seltos and Sonet. First, Kia will produce a small EVS optimized for the local market starting in 2025, and then gradually offer different electric and bespoke vehicle (PBV) models. The company will also develop charging infrastructure for electric vehicles,” the company said. In the coming years, Kia intends to increase its market share in India from 6.7% in the first half of this year to 10% through its “Kia 2.0” strategy. Kia plans to expand its lineup and double its sales network from 300.
Hyundai Motor Group is now India’s second-largest car manufacturer. After record sales of 807,067 units last year, the company has sold 502,821 units as of July this year, up 8.8% year-over-year. The company’s sales target for this year is 873,000 units, an increase of 8.2% over last year.
“SUVs and electric vehicles are expected to drive India’s auto market growth. SUVs will account for 48% of the country’s projected 5 million vehicle sales by 2030, while electric vehicles will reach a million units in 2030,” the company noted in its press release.
Sales of electric vehicles, including fully assembled vehicles (CKDs), nearly doubled from a year earlier to 1,181 units. Hyundai and Kia intend to mass-produce electric vehicles in India to significantly increase electric vehicle sales. India’s factory output has also increased. Cumulative production to July this year is 630,230 units, an increase of 8.7% compared to 580,040 units last year.
Sales of electric vehicles, including fully assembled (CKD) vehicles, nearly doubled from a year earlier to 1,181 units. As a result, Hyundai and Kia intend to mass-produce electric vehicles in India to increase sales of electric vehicles significantly.
There has also been an increase in the factory output of India. Cumulative production to July this year is 630,230 units, an increase of 8.7% compared to 580,049 units last year.
Hyundai Motor has increased its production capacity accordingly. A new paint shop and additional capital investments helped the company produce 824,000 units, up 54,000 from 770,000.
Hyundai Motor India Engineering (HMIE), the brand’s R&D center in India, as well as its car factories in Chennai, were visited by Group executive chairman Euisun Chung during his visit to India. A discussion was held with local employees regarding growth strategies for the medium and long term.
On the 8th of August 2023, Chung met with Tamil Nadu Premier MK Stalin to discuss development strategies for the Indian auto market. In May, Hyundai Motor Group and Tamil Nadu signed a memorandum of understanding marking their commitment to invest 200 billion INR over the next decade. This is to strengthen the electric vehicle ecosystem and upgrade production facilities.
In pursuit of building this ecosystem, the described plans include the establishment of a battery assembly plant for electric vehicles. They also include expanding electric vehicle range and installing around 100 high-speed charging stations. High to significant locations in Tamil Nadu.
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