To accommodate the manufacture of EVs using ICE platforms, Hyundai has also made investments in its Chennai manufacturing site.
Digital Desk: The popular compact SUV's electric version is reportedly already under development by South Korean manufacturers as India waits for the arrival of the 2023 Hyundai Creta. According to a claim by Autocar, the Hyundai Creta EV, internally known as Project SU2i EV, is in development and may be unveiled at the upcoming Auto Expo. According to the source, the Hyundai Creta electric SUV, which will compete with Maruti Suzuki's forthcoming YY8 EV SUV, will begin production by the end of 2024.
Hyundai's foray into the Indian electric vehicle market is a part of a larger plan to bring six EVs to the nation by 2028. The business has followed a three-tiered strategy, beginning with wholly imported vehicles like the Ioniq 5 and Kona Electric, creating EVs derived from internal combustion engine platforms like the Creta EV, and finally reaching complete localization utilising the E-GMP platform. While trying to put up the necessary back-end operations, Hyundai intends to rely on the Kona and Ioniq 5 to establish the brand's credentials in the EV market.
The Creta EV is expected to be successful in the market segment that is anticipated to be the core of electric vehicle offerings in India with a price range of Rs 15 lakh to Rs 30 lakh. It's also expected that other domestic companies like Mahindra & Mahindra and Tata Motors would release new models in this market.
To accommodate the manufacture of EVs using ICE platforms, Hyundai has also made investments in its Chennai manufacturing site. To satisfy future demand, the business spent Rs 1,472 crore to increase the plant's capacity to 8.5 lakh units in FY2022. Additionally, the business has set aside almost $500 million (more than Rs 4,000 crore) for its EV aspirations in India.
India, a key market for the corporation, holds enormous potential for EVs, according to Hyundai. The market for EVs in India is anticipated to reach $150 billion by the end of the decade, growing at a compound annual rate of 90%.
Furthermore, government support for EVs through programmes like FAME and PLI has significantly aided in stimulating investments in the EV industry, as mentioned by Hyundai, and rising fuel prices and the expense of ICE vehicles are pushing EV adoption.
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