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
Hyundai Motor Group aims to boost its annual production capacity to 1.5 million units in India, focusing on expanding EV offerings and using India as an export hub. Hyundai plans to launch its first locally produced EV in 2023 and expand its EV lineup by 2030, while Kia will begin local EV production in 2025.
Hyundai has confirmed its first made-in-India electric offering will arrive by early 2025 and will be built at its Tamil Nadu facility, near Chennai. The most affordable Hyundai electric car in India is expected to be the Creta EV.
The markets have been buoyant for the last couple of years. Also, the price multiples are quite high in India for automobile stocks compared to other large markets. There are many such reasons why this is the opportune time for Hyundai to list in India.