South Korea’s Hyundai Motor Group, the parent company of Hyundai and Kia, has ambitious plans to launch its first India-manufactured electric vehicles (EVs) by 2025. This strategic move is part of the company’s efforts to solidify its presence in the burgeoning Indian EV market, currently dominated by Tata Motors. Production of Hyundai’s locally manufactured EVs will commence by the end of 2024, with the launch scheduled for 2025. Kia’s India-made EV will also join the lineup in 2025. The Hyundai Motor Group aims to unveil five EV models by 2030. To power their EVs, both Hyundai and Kia will utilize batteries manufactured by Exide Energy Solutions. India holds immense importance for Hyundai outside of North America and Europe, ranking as the second-largest carmaker in the country. Hyundai’s Indian subsidiary is preparing for a $3 billion IPO, poised to become the largest in the nation’s history. Hyundai currently offers two electric models in India, the Kona and IONIQ 5, but neither is produced domestically. Kia’s sole electric offering, the EV6, is imported. Hyundai has reiterated its goal of achieving an annual production capacity of 1 million units by 2025. The company plans to expand Kia’s capacity from 300,000 to 432,000 units, bringing the combined capacity to 1.5 million units. Earlier this year, Hyundai acquired a former Chevrolet plant in Maharashtra to support its drive towards 1 million units of production. These announcements were made during Hyundai Motor Group Executive Chair Euisun Chung’s visit to India, his second in less than a year.
Hyundai to Launch India-Manufactured EVs by 2025, Plans Five Models by 2030
