Hyundai EVs are coming. They will focus on quantity and affordability – and not just play the role of flagship or technology performance. Hyundai Motor India has sounded the bugle on its electric vehicle strategy for India, and it looks quite broad. The company will bring six EV models to India by 2028 – and be they SUV, CUV or sedan. The idea is to approach a staggered launch, but all of these cars will be either locally made or assembled. All these cars will be made exclusively for the Indian market, and hence could be derivatives of global products. The total investment towards R&D and rollout of these cars will be around Rs 4000 crore.
SS Kim, MD & CEO, Hyundai Motor India said, “As we continue to redefine the mobility space, today we announce the expansion of our BEV (Battery EV) line-up with our commitment to the Indian customers. By driving the mass adoption of electric mobility in India, Hyundai will form the basis for the transformation of a brighter and better tomorrow.” The company does not rule out exporting the said cars, though the initial focus will be on India.
Read also: Hyundai IONIQ 5 Exclusive Review
The 3 EVs are expected to be based on Hyundai’s e-GMP platform
These six models will adopt one of two manufacturing strategies. The first will use a localized version of the e-GMP (Electric Global Modular Platform) – a skateboard design modular format that was unveiled globally by Hyundai Motor Group (HMG) last year. The first car in this family is the IONIQ 5 – a car We reviewed exclusively on carandbike – the one who has already walked Win the 2022 German Car of the Year (GCOTY) award, The e-GMP is a flexible dedicated-EV platform that will allow HMG brands to offer different body styles and sizes of cars with different driving ranges (due to battery size modularity) for a wider portfolio of EVs in the future.
Existing vehicle platform being modified for EV applications
The second strategy would involve modifying the use of existing ICE (internal combustion engine) vehicle platforms for EV application (as in the case of cars such as the Hyundai Kona Electric or Kia Soul EV). Hyundai says it will see a split of around 50 percent between the two strategies, meaning you can expect three cars on the e-GMP while the remaining 3 will use existing platforms – and the latter will have more than one. usage can be seen. The reason for this second route is to try to keep costs under control, as many ICE platforms are already heavily localized in India. This means everything from the Grand i10/Venue to the Creta/Verna or even the Elantra/Tucson is ready for grabs. The upcoming cars will aim to be economical and offer a driving range of at least 350 kms. The e-GMP already claims a maximum range of 800 kms depending on the size and segment, if it drives the vehicle.
Hyundai India plans its EV strategy – SUVs, CUVs and sedans. Wants to cater to multiple segments with
Hyundai promises affordability, says these models will massively and largely address the premium segment in India – meaning volumes will remain the focus. The EV plan also takes into account its overall sales targets for the next few years. And so for now the cars will be driven out of the company’s existing Chennai plant – where it says it has enough capacity until 2023-24. The additional capacity requirements (of ICE + EV) will be addressed only after two years. Currently, the plan does not consider any possible synergies with partner brand Kia India (and its potential EV plans for this market), nor the expected launch of the group’s luxury car brand Genesis in India . But while it won’t shy away from putting into practice the said synergies – in an effort to achieve greater economies of scale. Considering the current level of government incentives for adoption of EVs, Hyundai does not expect its massive EV models to go below the estimated ₹10 lakh price range. Tarun Garg, Director of Marketing, Sales and Service, Hyundai, told carandbike, “Let us take some benchmarks today, say Creta. The average price of Creta is ₹15 lakh, so suppose we can come up with less than that, maybe It is very difficult, as of now. Indian customers really don’t want to compromise in terms of space, features and even range. Price also depends on range, range goes up, cost goes up. So if we are talking about 350 km range then I don’t think it is really correct to talk about electric vehicle under 10 lakhs.”
It is likely that cars like the Creta could be offered in all-electric iterations
Unlike many markets, India also doesn’t have strong incentives – to be able to bring the prices of EV models closer to that of petrol or diesel counterparts. Garg said, “It also requires some incentives coming from the government. In India, this would have been an ideal situation, but we feel we still have to make EVs affordable. The cost of materials is still high, so There’s a lot of ifs and buts about it.”
Hyundai will continue to work on partnerships in the charging infrastructure space to ensure smooth adoption of EVs
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Hyundai says it will continue to work with existing and new partners to achieve higher costs for the components needed to build these cars, and also to explore ways to increase localization on aggregates such as batteries. In addition, it will continue to work on partnerships in the charging infrastructure space to facilitate easy adoption of EVs among its buyer audience. Hyundai Motor Group plans to launch 23 EV models by 2025 and sell 1 million EV units worldwide. The India plan of the Hyundai brand will contribute to this larger mission.
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