The South Korean automotive group that owns the Hyundai and Kia brands of vehicles has announced intentions of beginning the manufacture and sale of EVs in India by 2023. The initiative is specifically targeted to compete with Tata Motors, currently the market leader in the emerging Indian EV industry.
On Thursday, June 22nd, Hyundai Motor Group announced in a statement that the production of locally made EVs will commence by December 2024, much earlier than expected. The launch of the new models will be officially held in 2025.
Likewise, the same month next year, Kia Motors, Hyundai‘s subsidiary, is getting ready to show off its own India-made electric vehicle. The inspired plan involves EV models for the next decade that will begin by 2030.
While supplying batteries from Excel Energy Solutions, both South Korean carmakers, Hyundai and Kia, continue to use the latter until new-generation batteries are available to replace them. India plays a great role for Hyundai as its Indian branch gears up to list a colossal $3 billion initial public offering (IPO), which will become the biggest in the country’s history.
Currently, Hyundai offers two imported electric models in India: the Kona and IONIQ 5 models in the year 2020 by the South Korean car-producing group. Similarly, the core of Kia’s electric lineup is the EV6, which is assembled simultaneously in the US.
The launch of locally produced EVs by Hyundai and Kia makes the point about the brand’s endeavor to dominate the market and give customers what They are looking for, i.e., eco-friendly vehicles.
What stood out during the executive of Hyundai Motor Group’s recent visit to India was his stress on the company’s target of reaching an output of 1 million units by 2025. The company focuses its expansion on its engaged production of about 300 thousand cars, resulting in a capacity of 1.5 million units.
The purchase of a plant by Hyundai in Maharashtra this year shows its intention to enhance its vehicles’ production level and its commitment to manufacturing in India. In this case, a fierce contest between Hyundai and Kia could further enhance consumer choice by offering a fast-growing, clean, and eco-transportation market.
