South Korea's Hyundai Motor Group will launch its first India-manufactured electric vehicles (EVs) by 2025 as the parent of the Hyundai and Kia brands looks to boost its presence in the nascent space dominated by Tata Motors.
Production of Hyundai's locally manufactured EVs will begin by the end of 2024 and will be launched by 2025, with Kia's India-made EV, the Hyundai Motor Group said on Thursday, adding it would unveil five models by 2030.
Both brands will use batteries made by Exide Energy Solutions to power their EVs, they said earlier this month.
India is the biggest market outside North America and Europe for Hyundai, where its unit is headed for a $3bn (R57.04bn) IPO — the country's largest.
Hyundai, India's No 2 carmaker, known for its top-selling Creta SUV, sells two electric models in India, the Kona and Ioniq 5, neither of which are produced in the country. Kia's lone electric offering, the EV6, is imported.
The company also reaffirmed Hyundai's target of reaching annual production of 1,000,000 by 2025, adding it would expand capacity at Kia to 432,000 from about 300,000. The combined capacity will grow to 1.5-million units.
Earlier this year, Hyundai completed the acquisition of a former Chevrolet plant in western Maharashtra state as part of its push to get production to 1,000,000 units.
The announcements came during Hyundai Motor Group executive chair Euisun Chung's visit to India — his second in less than a year.
Hyundai and Kia to launch first India-made EVs next year
Image: Supplied
South Korea's Hyundai Motor Group will launch its first India-manufactured electric vehicles (EVs) by 2025 as the parent of the Hyundai and Kia brands looks to boost its presence in the nascent space dominated by Tata Motors.
Production of Hyundai's locally manufactured EVs will begin by the end of 2024 and will be launched by 2025, with Kia's India-made EV, the Hyundai Motor Group said on Thursday, adding it would unveil five models by 2030.
Both brands will use batteries made by Exide Energy Solutions to power their EVs, they said earlier this month.
India is the biggest market outside North America and Europe for Hyundai, where its unit is headed for a $3bn (R57.04bn) IPO — the country's largest.
Hyundai, India's No 2 carmaker, known for its top-selling Creta SUV, sells two electric models in India, the Kona and Ioniq 5, neither of which are produced in the country. Kia's lone electric offering, the EV6, is imported.
The company also reaffirmed Hyundai's target of reaching annual production of 1,000,000 by 2025, adding it would expand capacity at Kia to 432,000 from about 300,000. The combined capacity will grow to 1.5-million units.
Earlier this year, Hyundai completed the acquisition of a former Chevrolet plant in western Maharashtra state as part of its push to get production to 1,000,000 units.
The announcements came during Hyundai Motor Group executive chair Euisun Chung's visit to India — his second in less than a year.
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