South Korea's Hyundai Motor Group will launch its first electric vehicles made in India by 2025 as the parent of the Hyundai and Kia brands aims to increase its presence in the nascent space dominated by Tata Motors.
Production of Hyundai's locally made electric vehicles will begin in late 2024 and launch in 2025, along with the India-made Kia electric vehicle, Hyundai Motor Group said in a statement on Thursday, adding that it would give meet five models in 2030.
Both brands will use batteries made by Exide Energy Solutions to power their electric vehicles, they had said earlier this month.
India is the biggest market outside North America and Europe for Hyundai, where its unit is headed for a $3 billion (roughly Rs 24,997 crore) IPO, the largest in the country.
Hyundai, the no. The 2 carmaker, known for its best-selling 'Creta' SUV, currently sells two electric models in India, the Kona and the IONIQ 5, neither of which are produced in the country. Kia's only electric offering, the EV6, is imported.
The company also reaffirmed Hyundai's goal of reaching 1 million annual production by 2025, adding that it would expand Kia's capacity to 432,000 from about 300,000. The combined capacity will increase to 1.5 million units.
Earlier this year, Hyundai completed the acquisition of a former Chevrolet plant in the western state of Maharashtra as part of its push to reach one million unit production.
The announcements came during Hyundai Motor Group Executive Chairman Euisun Chung's visit to India, his second in less than a year.
© Thomson Reuters 2024
