April 27, 2022
Blog Admin
Hyundai India to introduce six EVs by 2028
Hyundai Motor India informed it will introduce the Ioniq 5, an electric vehicle, in the second half of CY22.Unsoo Kim, MD & CEO, Hyundai Motor India, said the carmaker is on track to expand its electric vehicle line-up to six models by 2028. The announcement comes days after Kia India announced it will bring 100 units of the EV6, for which bookings will open on May 26.
While the EV6 will be imported as a completely built-up (CBU) unit and therefore its India price will include import taxes of 60-100% sources said Hyundai will assemble the Ioniq 5 in India from completely knocked-down (CKD) kits, thereby making the Ioniq 5 more affordable.
Last year, the carmaker had announced it will invest Rs 4,000 crore in EV R&D, including introducing a dedicated EV platform called the E-GMP (Electric Global Modular Platform) for manufacturing/assembling EVs in India.Hyundai India is also developing a mass market EV especially for the Indian market,
These EVs will be across body shapes , from crossover utility vehicles (CUVs) to sport utility vehicles (SUVs) and cater to multiple segments, including mass market and mass premium market.
According to IHS Markit , EV passenger vehicle market size is expected to grow at 53% CAGR from 2020-28 to reach 73,000 units in CY25 and 175,000 in CY28.According to the FY22 retail sales data shared by the Federation of Automobile Dealers Associations (Fada), EVs formed 0.65% of the market & the sales share of EVs also grew a hefty 257.18% in FY22 over 4,984 EVs sold in FY21.
Both Ioniq 5 and EV6 share the same platform, the E-GMP. While Hyundai India and Kia India are separate entities, globally Hyundai owns a part of Kia and so they share product development.
Hyundai India is talking to local players who specialise in manufacturing battery cells and other EV parts such as motor and inverter etc,ā an auto analyst said.. At the same time the carmaker is working towards the development of EV charging solutions with a focus on home charging, public charging stations, charging facilities at its dealer network, and a 24Ć7 roadside charging assistance.
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