Hyundai Jumps Into EV Race: Rs 4000 Crore Budget For 6 Electric Cars Announced!

At present it has only one EV in the market- the Kona Electric.

Hyundai Motor India will invest Rs 4,000 crore to launch 6 Battery Electric Vehicles (BEV) by 2028 and one of them could arrive in India next year.

At present it has only one EV in the market- the Kona Electric.


What The Lineup Looks Like

The EV range will span different segments and body styles, according to Tarun Garg, director of Sales, Marketing and Service at Hyundai India.

They will also cover different segments like mass market and mass premium.

The lineup will include an SUV, sedan and CUV (Compact Utility Vehicle).

Although there is no official confirmation, the first EV to arrive in India by the middle of next year could be the Ioniq 5 CBU.

The facelifted and locally assembled Kona Electric could follow soon after.

Cashing In On Growing EV Acceptance

The investment is part of targeted product interventions led by growing customer preference for futuristic mobility solutions.

Market leader Maruti Suzuki recently announced that it will launch an EV only when there is enough demand, possibly by 2025.

It appears that Hyundai is looking to catch up with a lineup of its own.

India’s EV market leader Tata Motors also spoke about introducing 10 new EVs in the near future.

Customized For Indian Needs

It intends to launch affordable solutions which are tailor made for the Indian consumer.

To that end, it is targeting the mass market which prioritizes long-range and fast charging.

It needs to find a balance between the OEM (original equipment manufacturer) perspective for whom building EV parts is not cheap, and the end consumer who will look for affordability.

Taking these factors into account, Hyundai Motor India managing director SS Kim said that the company will “come up with some solution to meet Indian customer needs.

Govt Support Needed

Kim said that government support is crucial for not only the company but for the industry as a whole to “move forward, to be much more proactive”.

He cited the examples of Europe, South Korea and China where the government “gives subsidies not only to fleet customers but also to private customers.”

He called this support the “true driver of electrification in the automotive sector.”

EV-Exclusive Platform, Its Features

Three of its EVs will be built on the Electric Global Modular Platform (E-GMP) which would optimize costs, whereas the remaining will be derivatives of ICE vehicles.

The E-GMP architecture is built exclusively for EVs.

Any car based on this platform will have a flat floor, slim cockpit and a flexible and spacious cabin, lending it a big advantage over competitors.

Hyundai’s first E-GMP product in India will be the Ioniq 5.

Garg says that the platform would allow vehicles to achieve top speed capabilities of up to 260kph and a range of 800km.

Charging Infrastructure

The carmaker is already developing its charging infrastructure in India, having already set up public 50kW DC fast charging stations in four cities (with Indian Oil)

It already provides a 7.4kW AC home charger to customers and has installed AC fast chargers at 108 dealerships in 15 cities (free for Hyundai customers).

Apart from vehicle-to-vehicle and portable charging solutions for its EV customers in six cities, it also provides 24×7 roadside assistance pan-India.

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