scorecardresearch

Hyundai India on track to have six EVs by 2028

The South Korean carmaker will drive in the Hyundai Ioniq 5 electric car in the second half of CY22.

Hyundai IONIQ 5 Front 3 Quarters

Hyundai Motor India on Tuesday said it will introduce the Ioniq 5, an electric vehicle, in the second half of CY22. This comes days after Kia India announced it will bring 100 units of the EV6, for which bookings will open on May 26.

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. “We will introduce the Ioniq 5 in the second half of CY22,” he said, adding: “We are happy to partner India in the quest to charge up the adoption of EVs at scale.”

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.

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.

Four-wheeler passenger vehicle EVs are a niche but growing segment in India. According to the FY22 retail sales data shared by the Federation of Automobile Dealers Associations (Fada), EVs formed 0.65% of the market, but the sales share of EVs also grew a hefty 257.18% in FY22 over 4,984 EVs sold in FY21.

According to IHS Markit’s (now part of S&P Global) data for India, 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.

Alongside EV adoption, the charging infrastructure is also growing. According to a recent EY report, till September 2021 India had about 2,900 EV charging points, which are expected to grow to 22,700 by 2023 and 79,000 by 2025.

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.

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 also developing a mass market EV especially for the Indian market, but the carmaker didn’t share any timeline.

gHyundai India is talking to local players who specialise in manufacturing battery cells and other EV parts such as motor and inverter etc,” an auto analyst said.

Also Read: Tata Motors gifts Harrier Kaziranga Edition to Kaziranga National Park

In parallel, 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 24×7 roadside charging assistance.

Hyundai India’s parent Hyundai Motor Company had announced in September 2021 that it aims to be carbon-neutral by 2045, which implies transitioning to alternative fuels such as electric and hydrogen fuel cell. In India, however, petrol/diesel vehicles have a long way to go, and so it won’t stop new petrol/diesel product development.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.