Hyundai gears up for EV leadership in India
The group also plans to make its R&D centre in Hyderabad a hub for future mobility research, including electrification and autonomous driving, while it is lining up five electric vehicles to be introduced in India by 2032.
CHENNAI: South Korean automotive group Hyundai Motor is preparing for a “new group leadership position in EVs” in India given that the country will be a competitive electric vehicle battleground in the years to come, the company said on Tuesday.
The group also plans to make its R&D centre in Hyderabad a hub for future mobility research, including electrification and autonomous driving, while it is lining up five electric vehicles to be introduced in India by 2032.
In a mid-to-long-term mobility strategy review of the Indian market during the visit of Hyundai Motor Group executive chair Euisun Chung to the country, the group said it has discussed the preparations for a new group leadership position in EVs anticipating India to emerge as a competitive EV battleground in the years to come.
The group expects the Indian passenger car market to exceed 50 lakh units by 2030 with SUVs estimated to account for 48 per cent while EVs are expected to reach 10 lakh units.
During his two-day tour, Chung visited Hyundai Motor India Engineering (HMIE) located in Hyderabad and the automobile plants in Chennai and reviewed the strategic importance of the country as a future mobility hub.
On the R&D front, the group said HMIE plays an important role in increasing sales in the Indian market and works closely with the Hyundai-Kia Namyang R&D centre in Korea to develop vehicles that are tailored for the Indian market.
“In addition to strengthening local R&D capabilities, HMIE will expand its role as a hub for future mobility research, including electrification, autonomous driving, and the development of voice recognition technology in local Indian languages. To this end, construction of a new test facility began last year,” the group said in a statement.
Hyundai Motor said it aims to grow quantitatively by strengthening its leadership in SUVs and expanding its EV line-up. The growth of the Indian car market is expected to be driven by SUVs and EVs, it said, adding that the group will build an optimal production system to efficiently support vehicle production in the mid-to-long-term and create a sustainable EV ecosystem to drive growth as a leading electrification brand.
The group will continue to introduce SUV models specialised for the Indian market, including the compact SUV EXTER, which was launched in July, it added.
It further said, “Hyundai Motor will introduce five EV models by 2032 and expand the number of EV charging stations to 439 by 2027 by leveraging the strength of the company’s sales network.”
Hyundai said India is one of the world’s most promising automotive markets with the world’s largest population, “with 4.76 million new vehicles” sold last year behind China and the US.
“The passenger car market accounted for 3.8 million units and is expected to exceed 5 million units by 2030. The country is also becoming an increasingly important centre for electric vehicle (EV) production and sales,” it added. As for group firm Kia Corp, the plan is to “strenuously target the Indian EV market based on its premium image and technological competitiveness, building on the popularity of SUVs such as the Seltos and Sonet”, the statement said.
“First, Kia will produce small EVs optimised for the local market from 2025, and will then gradually offer various EV models and Purpose Built Vehicles (PBVs),” it added. Through its ‘Kia 2.0 Strategy,’ the company aims to increase its market share in India from 6.7 per cent in the first half of this year to 10 per cent in the coming years.
Delegation calls on CM Stalin to boost ties
A delegation from Korean auto major Hyundai led by its Executive Chairman Euisun Chung called on Chief Minister MK Stalin on Tuesday, the government said.
The meeting assumes significance as the automaker has committed investments of Rs 20,000 crore in TN over the next 10 years. The investment will be made in phases from 2023 to 2032. At the Secretariat on Tuesday, Minister for Industries TRB Rajaa, along with senior government officials including chief secretary Shiv Das Meena, Guidance TN MD-CEO V Vishnu, Industries Department additional chief secretary S Krishnan, met Chung in the presence of chief minister Stalin.
During the brief interaction, Chung presented a miniature of the company’s popular sports utility vehicle to Stalin. Hyundai Motor is one of TN’s most reliable and long-standing partners in the automobile sector, the state government said. “The future of auto is in EV (electric vehicle). Hyundai and Tamil Nadu’s formidable partnership will contribute to making the state the EV capital of Asia,” the office of the TN industries minister said in a social media post. In May this year, Hyundai Motor India said it will invest Rs 20,000 crore in a phased manner in TN over the next 10 years to make further inroads into manufacturing of electric vehicles and modernisation of vehicle platforms.
“Hyundai has been one of the largest manufacturers and consistent investors in TN. This strategic partnership is a testimony to Hyundai’s commitment to boost the socio-economic development in the state and make the country self-reliant,” Hyundai Motor India MD-CEO Unsoo Kim said in a statement in May following the commitment to invest in TN.
