- Hyundai announced a robust investment of almost $30 billion (KRW 25.9 trillion) to accelerate its transition to electric.
- The IMA platform will power 13 new electric models across Hyundai, Kia, and Genesis through 2029.
The Hyundai Motor Group is setting its sights on one of the world’s largest automotive markets by outlining plans to launch five electric vehicle (EV) models in India, a significant move in the company’s transition towards an electrified future.
During the 2023 annual investor day, HMG announced a robust investment of almost $30 billion to accelerate its transition to electric. This investment supports the goal of selling two million EVs by 2030 by developing a new dedicated EV platform (IMA), advanced batteries, and enhancing production capabilities. The IMA platform will power 13 new electric models across Hyundai, Kia, and Genesis through 2029.
Hyundai is also bolstering its local R&D capabilities in India, with a focus on electrification, autonomous driving, and connectivity technologies. A new test facility is already under construction. The automaker’s latest strategic move is a targeted push into India, With India’s strong focus on electric vehicles and a governmental goal of 30% of total vehicle sales being electric by 2030, Hyundai sees enormous potential in the region. The plan includes five EV models by 2032 and expanding the number of charging stations to 439 by 2027.
Hyundai’s executive chair, Euisun Chung, stressed the urgency for Hyundai to exceed customer expectations as a first mover in the Indian EV market. Partner brand Kia is also set to target the Indian EV market, starting with small electric cars optimized for the market from 2025, and further expansion thereafter.
The Hyundai Motor Group, which includes brands such as Kia and Genesis, continues its momentum in 2023, aiming to be a frontrunner in the intensifying global EV race, with a significant share of nearly 20,000 EVs sold globally, dominated by models like the IONIQ 5 and IONIQ 6. Kia, a part of the Hyundai family, has also made significant strides in the market with over 10,500 EVs sold globally in June, led by its EV6 and flagship EV9 electric SUV.
With a well-established presence as the number two automaker in India, the Hyundai Motor Group is gearing up to mass-produce EV models at Indian plants to meet the anticipated increase in demand, marking a significant step in its global EV leadership. This move underlines Hyundai’s strong commitment to leading the electric transformation in the automotive industry, both in emerging markets like India and on the global stage.
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