Hyundai Motor India Limited (HMIL) is gearing up to launch its much-anticipated electric vehicle, the Hyundai Creta EV, in the Indian market soon. Following this, the automaker has plans to introduce three more electric cars over the next few years. Let’s dive into the details.
Hyundai’s Expansion in the EV Market
On Wednesday, Hyundai Motor India Limited (HMIL) announced its plans to expand its electric vehicle lineup in the coming years. The company aims to roll out the Creta EV during the fourth quarter of this financial year. Following the Creta EV, Hyundai will introduce three more electric vehicles to its portfolio, targeting the rapidly growing EV market in India.
Hyundai is investing in creating a local supply chain for battery packs, powertrains, and battery cells to reduce dependency on imports and support domestic industries. The company’s focus on expanding electric vehicle charging infrastructure is also crucial to alleviating range anxiety and promoting widespread adoption of EVs in India.
Creta EV and Future Electric Cars
While specific details of the electric vehicles Hyundai is planning for the Indian market remain under wraps, it is expected that the lineup will eventually include a premium electric car. Currently, Hyundai offers two electric vehicles in India — the Kona Electric and the Ioniq 5. The addition of the Creta EV will further strengthen Hyundai’s presence in the EV space.
Hyundai’s Investment and Market Strategy
Hyundai is planning an investment of ₹32,000 crores (₹320 billion) over the next decade to support its electric vehicle expansion in India. The company is also monitoring demand during the festive season to strategically time its new launches and meet customer expectations.
Hyundai Motor India’s Major IPO
In addition to expanding its EV portfolio, Hyundai Motor India is preparing to launch one of the country’s biggest Initial Public Offerings (IPO) on October 15, 2024. The automaker aims to raise ₹27,855 crores through the IPO, with a price band expected to range between ₹1,865 to ₹1,960 per share. Investors can bid for a minimum of seven shares. Hyundai will offer 14,21,94,700 equity shares for sale as part of the IPO, making it a significant event in the Indian stock market.
With the upcoming Creta EV launch and future electric models, Hyundai is positioning itself as a key player in the Indian electric vehicle market, all while strengthening its investment strategy and preparing for a landmark IPO.
