Hyundai hasn’t built a strong presence in the EV market despite getting an early start with Kona Electric, but that could change soon. The Ioniq 5, which was launched at a very competitive price of Rs 44.95 lakh, is the first small salvo in a series of EVs with which the company hopes to become a market leader.
It intends to have a diverse portfolio of electric vehicles, ranging from small EVs to large SUVs, built on a variety of platforms, which could include both ICE-derived electric vehicles and a dedicated EV skateboard to cater to different price points. According to a senior company executive, it would even consider a dedicated EV factory if the market grew quickly enough.
Unsoo Kim, MD of Hyundai India, said, “We want to be number one in electrification in India. We didn’t expect India to grow so fast, but in India, the electrification trend is growing faster than I expected. Globally, we have a lot of resources for electrification, but we want to open a new chapter with India.”
Hyundai has already committed Rs 4,000 crore to developing a half-dozen model portfolios by 2028. It has even been stated that the company will launch an E-GMP platform for the Indian market.
Tata controls more than 85-90 percent of the Indian electric vehicle market. Mahindra, another domestic rival, has also entered the fray with the XUV400. Both automakers have set a lofty goal for themselves. Tata has set a goal of selling one lakh vehicles by the end of fiscal year 24, and Mahindra wants to sell two lakh EVs by 2027.
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