Hyundai's Electric Expansion: New EVs Target Global Markets

Hyundai Motor India Ltd aims to export its upcoming electric vehicles, including the Creta EV, to similar markets, enhancing its position as a production hub. Planned for launch by Q4 FY25, these vehicles cater to both mass and mass premium segments, aligning with Hyundai's strategy to cater to emerging market preferences.

Hyundai Motor India Ltd (HMIL) is setting its sights on exporting its upcoming fleet of electric vehicles (EVs), positioning itself as a key production hub for emerging markets. The company plans to launch four EVs, including an electric version of the Creta SUV, targeted for completion by the fourth quarter of fiscal year 2025.

According to HMIL COO Tarun Garg, these new models will be tailored to both mass and mass premium segments, with an eye on global export opportunities. Hyundai's strategy has long focused on producing vehicles in India that cater to emerging market demands, making export a natural extension of their production paradigm.

Already exporting to over 80 countries, HMIL aims to capitalize on its existing infrastructure. Plans include localizing the manufacturing process, beginning with battery packs and potentially advancing to cell manufacturing with local partners. This approach is expected to bolster competitive pricing and make EVs more accessible to a wider audience.

(With inputs from agencies.)