Hyundai will introduce full range EV models in both large, premium segments

Hyundai Motor India on Wednesday said it is looking to launch full electric vehicle models in both the mid-size and mid-size segments through a local supply chain.

The company, which on Wednesday announced the launch of its initial public offering (IPO) to raise Rs 27,870-crore on October 15, also said it will launch the Creta EV in the fourth quarter of this amount while plans are in place to launch. four more EVs in the next few years.

“India is in the early stages of electrification. We see that India’s EV segment is expected to grow significantly by 2030 led by strong government initiatives and more OEM EV focus.

“Hyundai Motor India (HMI) has access to Hyundai Motor Company’s (HMC) global EV and battery technology. So, we in India are planning to launch a full EV model, yes, in the weight and premium segment including the our Creta EV this fiscal year,” HMI CEO Unsoo Kim said at a roadshow ahead of the company’s IPO.

“We will also look at localized chains such as battery packs, electric train and battery cell as well. We are also investing in EV charging infrastructure,” he added.

The company’s Chief Operating Officer Tarun Garg said that HMI’s EV plans are very strong, adding, “We will launch the Creta EV and then three more models in the EV segment, which will help us really grow our EV sales. ” Regarding hybrids, since 1998 HMI has been leading the curve in terms of technology to meet market demand and customer preferences, Kim said.

“HMI has access to various HMC technologies such as petrol, diesel, CNG, hybrid and plug-in hybrid, and even hydrogen vehicles. So we are in a good position to launch a new model with this power train based on customer demand. ,” added Kim.

He said HMC’s domestic division will benefit from the parent’s broader ecosystem and help grow the portfolio with new models and premiumisation.

HMI has plans to invest around Rs 32,000-crore in India over the next decade and will invest in automating its second manufacturing facility (Pune), which will add significant capacity.

Stating that the company will have an additional capacity of 30 per unit by 2028 after the Pune plant comes up, Garg said this will give the company greater headroom both internally and externally to increase its prices and market share.

The Creta EV with a high volume EV market segment, introduced will help us gain market share in the EV segment, he said, adding, and of course, we will continue to pursue premium release strategies.

“Our domestic and export ratio is 80 to 20 in terms of volume. And we believe in continuing to focus on domestic markets and export markets because (because of) exports, we are the center of emerging markets such as Middle East Africa, Asia. Latin America.

“So, I think this is a very good and healthy mix that you can have. Everything will depend on demand, how the demand changes, how the world economy is doing, but we feel that this is a very healthy mix,” he said in the export market.

Moving forward, HMI is looking for an interesting software defined car infotainment to grow further.

“But the important thing is the quality of growth while tracking prices and market share. So we want to have a balanced approach to growth,” added Garg.
He said that there may be great opportunities for SUVs in the Indian market and it is evident from the growth that this segment is seeing.

“But we are a full range manufacturer and not just an SUV manufacturer because India is a big market. And if a company has a full range, it allows them to have different types of powertrains as well. (So), we believe that in a market like India you need to be present in all segments and we will continue to look at the opportunities available by category, whether it is an SUV or a sedan,” he said.

At the same time we must also see what the customers want. “I think that’s very serious and right now it seems to be more popular with SUVs and that’s why there’s a lot of focus on SUVs,” added Garg.
Noting that festivals like Navratra and Dussehra and Dhanteras all fall in October, HMIL is very optimistic about the demand for the festive season.

“I hope that this month there will be a good demand not only at Hyundai but also in the whole industry, and in all categories,” he added.