Hyundai outlines Bold Electric Vehicle strategies as the transition to electric cars in India accelerates.

The Indian automobile industry is transitioning to electric vehicles at a major scale, and this transition is happening at a rapid pace. After careful analysis of the industry, Hyundai Motor India is adopting bold strategies to become a key player in the electric automotive space.

This transition clearly proves that electric cars are no longer in an experiment phase, instead turning into a main source of mobility. Let’s discuss Hyundai's strategies in the upcoming years. 

Hyundai's Diverse EV Approach

Hyundai’s analysis about EV penetration in the domestic passenger car segment is about 2.5%, and can witness a growth of 12-13% in the next five years. This is due to the introduction of supportive policies and growing competition from brands such as Tata Motors, Mahindra, and even Maruti Suzuki. 

The company has realised that rapid expansion and increasing infrastructure development are integrating to prove the industry that EVs are the ultimate upgrade to a developed transportation system. 

Hyundai’s EV Strategy

Hyundai is planning to introduce three new electric cars and expand the production of EVs in the coming years. The company is also focussing towards local manufacturing of EV components including the battery packs, electric components and electric drivetrains, which would help to position their EVs competitively in the market. 

Apart from new EV additions, Hyundai is also planning to install 600 fast-charging stations throughout the country by 2031. Hyundai currently offers sportier Ioniq 5, as well as new Creta Electric, which is currently selling at around 1,000 units per month. 

Market Forecast and Growth Strategies

Hyundai’s long term strategy is surely positive, but currently Hyundai is facing low single-digit sales growth due to uncertainty in market conditions. The Korean manufacturer expects a more consistent demand to emerge in the coming months. 

Hyundai has also established manufacturing in their Pune-based Talegaon plant, brought from General Motors, and will be starting their production in Q3 FY25, with possibly expanding the production of EVs as new cars are launched.