With plans to introduce four EVs over the next three years, beginning with the much awaited Creta EV, Hyundai has reaffirmed its focus on the mass-market electric car sector. Hyundai Motor India’s COO, Tarun Garg, stated that the Creta EV will make its debut in the next quarter. The business is also dedicated to hastening the localization of parts for cars with internal combustion engines and electric vehicles.
In order for Hyundai’s ambitious expansion goals to come to fruition, Garg emphasized two important aspects. After purchasing the Talegaon facility in Maharashtra, Hyundai’s two existing facilities in Tamil Nadu would have the potential to produce 1.1 million units by 2028, up from the current capacity of 824,000 units. A greater market share and profit will result from an increase in numbers. This brings us to the second issue, which is that Hyundai is concentrating on exports because India serves as a manufacturing hub for more than 80 countries. Given that about 20% of the output is exported, the capacity expansion will give the South Korean automaker a much-needed boost.
The localization of batteries and componentry is crucial to the affordability and relevance of electric vehicles (EVs). As a result, Hyundai intends to build the required electrification infrastructure and produce essential parts in India.
In order to do this, Hyundai plans to invest Rs 32,000 crore over the course of the following eight years to establish a regional center for EV development, which will include manufacturing battery packs in India. The goal of this project is to lower the cost of EVs and make them available to the general public.
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