Hyundai targets key EV market with plans for five electric models

The Hyundai Motor Group announced it would target one of the largest auto markets globally with plans to unveil five EV models in India as it transitions to an electric future.

After surpassing GM, Nissan, and Stellantis in annual volume last year, the Hyundai Motor Group (HMG), including Kia and Genesis, became the third-largest automaker globally.

The automotive group has kept the momentum going in 2023 as the electric vehicle competition intensifies. In the US, Hyundai’s largest market, the automaker continues ramping up sales, breaking another monthly record in July.

Hyundai Motor sold nearly 20,000 EVs globally in July, with the IONIQ 5 and IONIQ 6 accounting for roughly 65% of EV sales.

Meanwhile, between Kia’s first dedicated EV, the EV6, and its new flagship EV9 electric SUV, the automaker sold over 10,500 EVs globally in June.

During its 2023 annual investor day, Hyundai announced it would invest almost $30 billion (KRW 25.9 trillion) to accelerate its transition to electric. The new funds are designed to support its goal of selling two million EVs by 2030 with a new dedicated EV platform (IMA), advanced batteries, and production capabilities.

The IMA platform is expected to power 13 new Hyundai, Kia, and Genesis electric models through the end of the decade.

Its latest plans include a push into India, the third-largest auto market in 2022, as it shifts to an EV future.

Hyundai targets India, a potential major EV market

The Hyundai Motor Group’s executive chair, Euisun Chung, visited India to assess the company’s strategy in the nation.

India was only behind the US and China regarding auto sales last year, with 4.76 million new vehicles sold. The passenger car market alone is forecasted to reach over 5 million units by the end of the decade.

However, the country is making a strong push into electric vehicles. The Indian government aims for 30% of total vehicle sales to be electric by 2030, which could amount to over 1.5 million EVs.

Hyundai is expanding its local R&D capabilities, focusing on electrification, autonomous driving, and connectivity tech. This will include a new test facility, which began construction last year.

Chung stressed that if Hyundai wants to be a first mover, it will need to act urgently with EVs that exceed customer expectations.

The automaker plans to introduce five EV models by 2032 while expanding the number of charging stations to 439 by 2027.

Meanwhile, Kia will “strenuously target” the Indian EV market by first producing small electric cars optimized for the market from 2025. Following that, Kia will then introduce various EV models while also developing EV infrastructure in the region.

After establishing itself as the number two automaker in the region, the Hyundai Motor Group plans to mass-produce EV models at Indian plants to satisfy the growing market.