Hyundai Creta EV will go on sale in early 2025 and it will compete with a slew of midsize electric SUVs waiting to arrive next year
Hyundai’s first electric vehicle for the Indian market was the Kona Electric and it has now been discontinued. The second largest car producer in the country currently sells the Ioniq 5 and it has been well received by customers. It will be accompanied by a brand new BEV based on the Creta midsize SUV early next year.
The brand aims to expand its EV range by launching new models across different price brackets over the next two to three years and the series will witness the arrival of locally-made as well as global offerings. According to preliminary IPO documents submitted to SEBI, Hyundai plans to introduce four brand new eco-friendly vehicles in India.
Hyundai plans to enhance the price competitiveness of its future electric vehicles by prioritizing the local manufacture of essential components. This strategy includes the production of battery cells, battery packs, power electronics and drivetrains. It is looking to develop a domestic supply chain to support these efforts and maintain an edge over competitors.
Hyundai initially entered the market with high-end premium electric vehicles using a top-down approach and is now planning a gradual transition towards the mass market segment. To facilitate this shift, the company has leased part of its Tamil Nadu manufacturing facility to Mobis, a subsidiary of Hyundai Motor Company, for the assembly of EV batteries. This strategic decision is designed to supply HMIL with locally assembled battery packs, thereby reducing import expenses.
Hyundai Motor Group has also partnered with Indian battery manufacturer Exide Energy to strengthen local battery production and supply. The company is intensifying localization efforts to qualify for production-linked incentive (PLI) subsidies. Additionally, Hyundai plans to transition to a dedicated EV platform to improve cost efficiency in the coming years as the flexible E-GMP platform could be localised.
Furthermore, Hyundai is encouraging EV adoption by setting up charging stations in urban centres and along highways across the country. The forthcoming Hyundai Creta EV is expected to offer a driving range of about 450 km on a single charge.
