Hyundai Motor Group Is Optimistic About The Indian Electric Vehicle Market And Will Push More Electric Models

On August 8, South Korea's Hyundai Motor Group said it plans to launch more Hyundai and Kia-branded electric vehicles in India.
Currently, Hyundai sells two electric vehicles in India, the Kona and Ioniq 5 models. According to Hyundai's plan, it will launch five new electric vehicles in India by 2032; By 2027, Hyundai will also increase the number of charging stations in India to 439.

Hyundai Motor Group said in a statement that Kia will start producing small electric vehicles optimized for the Indian market in 2025, gradually launch various electric vehicle models and purpose-built vehicles, develop electric vehicle charging infrastructure and double its sales network, hoping to eventually increase its domestic market share to 10 percent from 6.7 percent in the first half of this year.

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Hyundai Motor Group is optimistic about the Indian electric vehicle market and will push more electric models
On August 8, South Korea's Hyundai Motor Group said it plans to launch more Hyundai and Kia-branded electric vehicles in India, Reuters reported.

Currently, Hyundai sells two electric vehicles in India, the Kona and Ioniq 5 models. According to Hyundai's plan, it will launch five new

electric vehicles in India by 2032; By 2027, Hyundai will also increase the number of charging stations in India to 439.
Hyundai Motor Group said in a statement that Kia will start producing small electric vehicles optimized for the Indian market in 2025, gradually launch various electric vehicle models and purpose-built vehicles, develop electric vehicle charging infrastructure and double its sales network, hoping to eventually increase its domestic market share to 10 percent from 6.7 percent in the first half of this year.

Reuters noted that the move shows the company is betting heavily in the world's third-largest auto market. Hyundai Motor Group is already India's second-largest automaker by sales volume. In 2022, Hyundai Motor Group's sales in India reached a record high of 807,067 units. In the first seven months of this year, the company sold a total of 502,821 new vehicles in India, up 8.8% from the same period last year. For the full year 2023, the company's sales target is 873,000 units, a year-on-year increase of 8.2%.

According to government data cited by an industry body, sales of electric vehicles in India are expected to reach 1 million units by 2030, up significantly from 48,105 units in FY2023. Hyundai Motor is very optimistic about the local demand for electric vehicles in India, saying that "India is becoming an increasingly important electric vehicle production and sales center".

In addition, electric vehicle leader Tesla has also expressed its intention to build a factory in India to produce low-cost electric vehicles priced at $24,000 (about 25% cheaper than Tesla's current entry-level model) for sale and export to the local market.