By 2025, South Korea’s Hyundai Motor Group—parent company of the Hyundai and Kia brands—will introduce its first electric cars made in India as it seeks to increase its market share in the emerging market, which Tata Motors now dominates.
The Hyundai Motor Group announced in a statement on Thursday that it will reveal five models by 2030 and that production of Hyundai’s domestically produced EVs will start by the end of 2024 and be launched by 2025, along with Kia’s EV developed in India.
Exide Energy Solutions’ batteries will power the EVs under both brands, the company announced earlier this month.
With a $3 billion IPO scheduled for its business, Hyundai’s largest market outside of North America and Europe is India.
Sales of Hyundai’s popular ‘Creta’ sport utility vehicle have made it to the second position in the Indian auto industry. The company presently offers two electric models in India: the Kona and the IONIQ 5, neither of which is made in India. The EV6, Kia’s only electric vehicle, is imported.
Additionally, the corporation reiterated Hyundai’s goal of producing one million units annually by 2025 and announced plans to increase Kia’s capacity to 432,000 from roughly 300,000. There will be a 1.5 million unit increase in total capacity.
As part of its effort to increase output to one million cars, Hyundai completed the purchase of a former Chevrolet facility in the western state of Maharashtra earlier this year.
During his second visit to India in less than a year, Hyundai Motor Group Executive Chair Euisun Chung made the announcements.
