Hyundai, Kia to launch first India-made EV next year

South Korea’s Hyundai Motor Group will launch its first India-made electric vehicle by 2025 as the parent of the Hyundai and Kia brands looks to expand its presence in the emerging region dominated by Tata Motors.

Hyundai Motor Group said in a statement on Thursday that production of Hyundai’s locally made EV will begin by the end of 2024 and will be launched alongside Kia’s India-made EV by 2025, adding that it will produce five models by 2030. Will present.

Both brands will use batteries made by Exide Energy Solutions to power their EVs, they had said earlier this month.

India is the biggest market outside North America and Europe for Hyundai, where its unit is headed for a $3 billion (roughly Rs. 24,997 crore) IPO – the largest in the country.

Hyundai, India’s no. 2 The carmaker, best known for its best-selling ‘Creta’ sport utility vehicle, currently sells two electric models in India, the Kona and the IONIQ 5, neither of which are produced in the country. Kia’s sole electric offering, the EV6, is imported.

The company also confirmed Hyundai’s goal of reaching annual production of 1 million by 2025, adding that it will increase Kia’s capacity from about 300,000 to 432,000. The combined capacity will increase to 1.5 million units.

Earlier this year, Hyundai completed the acquisition of a former Chevrolet plant in western Maharashtra state as part of its effort to get production up to 1 million units.

The announcements came during the visit of Hyundai Motor Group Executive Chairman Yuisun Chung to India – his second visit in less than a year.

© Thomson Reuters 2024