Hyundai Motor Group is revamping its game plan in India and will expand its EV model range in a bid to gain a bigger piece of the market as the number two automaker in the nation.
Hyundai Motor Group Executive Chair Euisun Chung visited India in an effort to review growth potential and future products. HMG is planning to introduce 5 new EVs by 2032, in addition to the Kona EV and Ioniq 5 which are both already on sale in India. It’ll also increase the number of charging stations it owns to a total of 439.
Last year, 48,105 EVs were sold in India but HMG believes that number will balloon to seven figures by 2030. It wants to be a big player in the market and thus will kick off those five new EV models will be smaller SUVs. Hyundai said they’d be similar to the new Exter it launched last July.
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Hyundai will also invest $2.45 billion toward EV production and infrastructure. “India is one of the world’s most promising automotive markets with the world’s largest population,” the company said in a statement.
Kia is also hoping to strengthen its position as the second-largest carmaker in India. Today, it has a 6.7 percent share of the market and wants to increase that figure up to 10 percent by the end of the decade. It’ll also expand its sales network by more than double the 300 currently in place.
Expect these new models to be specialized for the Indian market and to be built in large part within the nation’s borders. HMG will likely have to face off with Tesla as the American automaker also has big plans for the Indian market.
