Hyundai to Launch First India-Designed EV by 2030
India lies at the centre of the global roadmap of Hyundai Motor Company as of 2030. During the CEO Investor Day in New York, President and CEO José Muñoz disclosed that the company would launch its first electric vehicle that would be locally designed in India before 2030. This is a significant milestone in the long-term strategic plans of Hyundai in the country.
To design and develop an EV that purely targets buyers in India, Hyundai has not done this previously. Contrary to high-quality imports like the IONIQ 5 or the Kona, the promotional idea behind this future sales model will include pecuniary appeal, commerciality, and the domestic procurement process.
Creating a completely local supply chain, Hyundai will be able to make EVs more affordable to the mass market and gain uptake nationwide.
Coupled with the EV announcement, Hyundai affirmed the growth of its multi-model export hub in Pune to a great extent as well. The plant will also add the facilities to the global production capacity of Hyundai to produce an extra 250,000 units by 2030.
This move will not only create India as an important sales market region but also an export hub that will drive Hyundai into its global expansion.
Hyundai already occupies a very significant portion of India with vehicles such as Creta, Venue, and IONIQ 5. Nonetheless, the domestically developed EV will be a jump station, delivering the high positions between luxury types of EVs and small electric cars at affordable costs. This agrees with the government of India's objectives in electrification and reinforcing Hyundai's mass-market portfolio.
Hyundai has made some rather enormous targets globally, moving 5.55 million vehicles a year by 2030 and over 3.3 million electric vehicles by that year: hybrids, EVs, and extended-range EVs. India is projected to make a big contribution, both in domestic sales as well as their export volumes.
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