Hyundai is eyeing the EV game in India, here’s what we know
Hyundai has six new electric vehicles in the pipeline and is expected to roll these out by 2028 in India. India’s second-biggest automaker has reserved funds to the tune of Rs 4000 crores for the ambitious project, reports ET Auto. The Seol-based Hyundai was the first manufacturer to introduce a breakthrough passenger EV in India when it launched the KONA here, in 2019.
Hyundai hasn’t divulged to the media its concrete plan but said the models would span across segments. The fleet will have hatchbacks and SUVs, and the first model will be available next year. Hyundai is also looking to turn into EV variants of some of its best-selling ICE models such as the Venue and i10 Nios.
The company is hoping to grab a higher market share in the EV space than its ICE segment, confirms Hyundai India CEO, S S Kim. Hyundai currently holds a 17% share in India’s ICE Market. However, In the EV market, the company is lagging as Tata Motors dominates the game with a massive 58% share courtesy of its best-selling EVs- Nexon and Tigor.