South Korean automaker Hyundai Motor Company announced over the weekend it plans to begin production of battery-powered versions of its Creta compact SUV in India by the end of the year, with the aim of launching local sales in January.
The Creta EV, the first of at least four battery-powered models planned for the Indian market by 2030, will be produced at the company's existing plant in Chennai. Hyundai is currently also upgrading the Pune plant it acquired last year from General Motors, which when completed will increase the company's overall annual production capacity in the country to over 1 million vehicles from 800,000 at present.
The automaker's local subsidiary, Hyundai Motor India (HMI), produced 766,000 vehicles units in 2023, including 602,000 for the local market and 164,000 for export. The Creta internal combustion engine (ICE) was its best-selling model with almost 180,000 local deliveries and a further 22,500 exports.
In the first nine months of 2024 HMI sold a total of 459,400 vehicles in India and exported a further 18,300 units.
Hyundai expects demand for battery electric vehicles (BEVs) in India to rise significantly by the end of the decade, by which time it aims to have a strong line-up of models specifically tailored for the local market. They will be powered mainly by lithium-ion phosphate (LFP) batteries produced by Indian battery maker Exide Energy Solutions Ltd. The company also plans to build a network of charging stations at strategic locations across the country to help drive up demand.
Hyundai raised US$3.3bn from last week's Hyundai Motor India initial public offering (IPO), which will help fund the subsidiary's expansion in the second half of the decade.
"Hyundai to launch Creta EV in India in January" was originally created and published by Just Auto, a GlobalData owned brand.