Will Explore Electric Vehicle Export Opportunities: Hyundai Motor India
Hyundai Motor India Ltd is gearing up to introduce four electric vehicles in the near future, with plans to launch the electric version of its popular SUV Creta by Q4 FY25. The company, which is set to go public through an IPO, is looking to explore opportunities for exporting its upcoming electric vehicles from India to other similar markets. This move aims to solidify Hyundai's position as a production hub for emerging markets, as stated by a senior company official.
Export Strategy
Hyundai Motor India Ltd (HMIL) Chief Operating Officer, Tarun Garg, highlighted the company's strong presence as a production hub for emerging markets, currently exporting to over 80 countries. When asked about the possibility of exporting the EVs planned for the Indian market, Garg expressed openness to the idea, depending on demand and infrastructure readiness.
Garg emphasized that the upcoming four EV models, including the Creta EV, will cater to both the mass and mass-premium segments, all manufactured in India. The company's strategy revolves around developing products tailored to the Indian market to achieve economies of scale. These products are also well-suited for other emerging markets with similar customer preferences, such as Africa, the Middle East, Latin America, and Asia.
Localisation Efforts
Hyundai is not only focusing on launching EVs but also on building the entire ecosystem. Garg mentioned the localization initiatives, starting with battery packs and moving towards cell manufacturing and drivetrain power electronics in collaboration with local Indian partners. These efforts are aimed at competitive pricing and ensuring that customers receive good value for their investment.
Hyundai Motor India is collaborating with Exide Energy for EV battery localization, enhancing their efforts in the electric vehicle sector.
Currently, HMIL offers the electric SUV IONIQ5, priced around Rs 45 lakh, and is gearing up for a broader electric vehicle portfolio in the coming years.
Conclusion
Hyundai Motor India's strategic focus on electric vehicles and export opportunities signifies a significant step towards sustainable and innovative mobility solutions. By leveraging India's manufacturing capabilities and exploring global markets, Hyundai aims to establish itself as a key player in the evolving electric vehicle landscape.
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