Production of Hyundai s locally manufactured EVs will begin by the end of 2024 and will be launched by 2025, along with Kia s India-made EV, the Hyundai Motor Group said in a statement on Thursday, adding that it would unveil five models by 2030
Tarun Garg pointed to the significant contribution from rural markets for Hyundai s SUVs like Exter, Venue, and Creta, noting a gradual shift in rural customers preferences towards modern and larger SUVs.
The company aims to price it close to the Nexon EV, but with a longer range, and will target selling about 10,000 cars a year. However, it is facing challenges localising the battery system.
On the growth outlook for 2024, Kim maintained that it is very optimistic for this calendar year but added that he could not predict the future due to the geopolitical tensions in the Middle East and war between Russia and Ukraine.