Hyundai India is on track to have six electric vehicles by 2028 to race with Ioniq 5 in the second half of CY22

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

Unsoo Kim, MD and CEO of Hyundai Motor India said the automaker is on track to expand its electric vehicle range to six models by 2028. “We will be launching the Ioniq 5 in the second half of CY22,” he said, adding, “We’re excited to be working with India to accelerate EV adoption at scale.”

Last year, the automaker announced it would invest 4,000 million euros in EV research and development, including the launch of a dedicated EV platform called E-GMP (Electric Global Modular Platform) for EV manufacturing/assembly in India.

These EVs will come in a variety of body styles—ranging from crossover utility vehicles (CUVs) to sport utility vehicles (SUVs)—and will serve multiple segments, including mass-market and premium-mass-market.

Four-wheel passenger electric vehicles are a growing niche segment in India. According to FY22 retail data released by the Federation of Automobile Dealers Associations (Fada), EVs accounted for 0.65% of the market, but EV sales share increased by a whopping 257.18% in FY22 versus 4,984 EVs sold in FY21 .

According to data from IHS Markit (now part of S&P Global) for India, the market size for EV passenger cars is expected to grow at 53% CAGR from 2020 to 2028, reaching 73,000 units in CY25 and 175,000 in CY28.

In addition to the introduction of electric vehicles, the charging infrastructure is also growing. According to a recent EY report, India had about 2,900 EV charging points as of September 2021, which is expected to grow to 22,700 by 2023 and 79,000 by 2025.

While the EV6 will be imported as a fully assembled unit (CBU) – and therefore its price in India will include import taxes ranging from 60-100% – sources said Hyundai will assemble the Ioniq 5 in India from a fully assembled unit (CKD). Kits, making the Ioniq 5 more affordable.

Both Ioniq 5 and EV6 use the same platform, the E-GMP. While Hyundai India and Kia India are separate companies, Hyundai owns part of Kia globally and therefore shares product development.

Hyundai India is also developing a mass-market electric vehicle specifically for the Indian market, but the automaker did not share a timeline.

gHyundai India is speaking to local players specializing in the manufacture of battery cells and other EV parts such as motors and inverters, etc.,” said an auto analyst.

In parallel, the automaker is working on the development of charging solutions for electric vehicles with a focus on home charging, public charging stations, charging facilities in its dealer network and 24-hour roadside charging assistance.

Hyundai India’s parent company, Hyundai Motor Company, announced in September 2021 that it would be carbon neutral by 2045, implying a transition to alternative fuels such as electric and hydrogen fuel cells. However, petrol/diesel vehicles still have a long way to go in India, which will not stop the development of new petrol/diesel products. Hyundai India is on track to have six electric vehicles by 2028 to race with Ioniq 5 in the second half of CY22

Chris Barrese

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