Hyundai to Offer Six EVs by 2028 to Boost Share in India
(Bloomberg) -- Hyundai Motor Co. will expand its lineup to six battery-electric vehicles in India by 2028, as the South Korean carmaker tries to seize first-mover advantage in the growing market.
The vehicles will comprise different styles, including SUV, and will cater to segments including the mass market and mass premium, the company said in a statement Wednesday. Hyundai, which currently only offers one battery EV in India, also plans collaborations for charging stations and will spend around $530 million on R&D for the new lineup.
Since taking charge in October, Chairman Euisun Chung has sought to improve profitability at Hyundai, adding more sport-utility vehicles to the global lineup and plowing money into the carmaker’s electric-vehicle ambitions. Meanwhile India’s electric transition -- mired by a sparse charging network and expensive battery models -- has resulted in sluggish supply of EVs and has meant that even established automakers are reluctant to make the switch though consumer demand starts to increase.
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Hyundai’s main rival in the market, Maruti Suzuki India Ltd., which is the nation’s biggest carmaker, doesn’t sell any EVs, while Mahindra & Mahindra Ltd. has only one model, the e-Verito, despite being a first mover with its early purchase of a stake in an Indian EV company in 2010. Tata Motors Ltd. sells two models -- with plans to roll out 10 battery models by 2025.
Tesla Inc. Chief Executive Officer Elon Musk has said the U.S.-based company is open to making cars in India if the government first allows it to import them more cheaply.
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