Next year, Hyundai and Kia will introduce the first electric vehicles built in India
In addition to Kia's India-made EV, production of Hyundai's domestically produced EVs will start by the end of 2024 and be released by 2025, the Hyundai Motor Group said in a statement on Thursday. The company also revealed that five models would be unveiled by 2030.
Hyundai's largest market outside of North America and Europe is India, where its business is preparing for the largest IPO in the nation, a $3 billion one.
By 2025, South Korea's Hyundai Motor Group—parent company of the Hyundai and Kia brands—will introduce its first electric cars made in India as it seeks to increase its market share in the emerging market, which Tata Motors now dominates.
The Hyundai Motor Group said in a statement on Thursday that it would reveal five models by 2030 and that production of Hyundai's domestically produced EVs will start by the end of 2024 and be released by 2025, along with Kia's EV developed in India.
Exide Energy Solutions' batteries will power the EVs under both names, the company said earlier this month.
With its subsidiary scheduled for the largest IPO in the country—a $3 billion one—Holding a stake in the Indian market is Hyundai's largest outside of North America and Europe.
Sales of Hyundai's popular 'Creta' sport utility vehicle have made it to the second position in the Indian auto industry. The company presently offers two electric models in India: the Kona and the IONIQ 5, neither of which is made in India. Imported is the only electric vehicle available from Kia, the EV6.
Additionally, the corporation reiterated Hyundai's goal of producing one million units annually by 2025 and announced plans to increase Kia's capacity to 432,000 from about 300,000. There will be a 1.5 million unit increase in total capacity.
As part of its effort to increase output to one million cars, Hyundai finalized the purchase of a former Chevrolet facility in the western state of Maharashtra earlier this year.
During his second visit to India in less than a year, Hyundai Motor Group Executive Chair Euisun Chung made the announcements.
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