Hyundai To Invest Rs 4,000 Crore, Launch Half-A-Dozen EVs In India By 2028
Hyundai joins M&M and Tata Motors in creating an EV road map for India.
Hyundai Motor India Ltd. plans to invest about Rs 4,000 crore to introduce half-a-dozen electric vehicles in the country by 2028, joining Mahindra & Mahindra Ltd. and Tata Motors Ltd. to prepare a green mobility road map.
India’s second-largest passenger vehicle maker has lined up EV launches across segments including sports utility vehicles, according to its statement. Hyundai will also introduce its dedicated battery electric vehicle platform—E-GMP—in India.
For Hyundai, the first of the six EVs, an SUV, is expected to be launched by next year, according to a company official. It will also look for collaborations to develop India's electric vehicle infrastructure.
The move will boost Hyundai’s EV lineup in India’s nascent electric-car market. Despite being the earliest entrant with Kona, it failed to create interest unlike peers including Tata Motors and MG Motor India Pvt.
Tata Motors sells two electric models in the country and aims to create a portfolio of 10 electric vehicles over the next five years. M&M plans to launch eight electric SUVs by 2027.
Maruti Suzuki India Ltd., the nation’s biggest carmaker, sells hybrids, but doesn’t have a single battery-powered electric vehicle, yet.