As the Indian automobile market continues to shift towards electric vehicles (EVs), Hyundai Motor India (HMIL) is quietly laying the groundwork for its next phase of growth in the EV market. With competition gradually shifting towards affordable, mass-market models, the company is expanding its charging infrastructure and deepening localisation of components ahead of the launch of its first mass-market electric SUV, slated for this fiscal. The move is a significant step towards Hyundai’s goal of becoming a leading player in the Indian EV market, which is expected to reach a significant scale in the coming years.
Charging Ahead
Hyundai Motor India has been steadily working on expanding its charging infrastructure across the country. The company has partnered with various charging network providers to set up charging stations in key locations, including highways and urban areas. According to industry estimates, the number of public charging points in India is expected to reach 1.5 million by 2025, up from around 1,000 in 2020. To support this growth, Hyundai has committed to setting up over 100 charging stations across the country by the end of this fiscal. This will not only provide customers with greater convenience but also encourage more people to adopt EVs.
The company has also been working on deepening the localisation of components, which will help reduce costs and make EVs more affordable for the masses. Hyundai has already started sourcing components such as batteries and motors from domestic suppliers, and plans to increase this to up to 70% by the end of this fiscal. This will not only reduce dependence on imported components but also create jobs and stimulate economic growth. Furthermore, the localisation of components will also help Hyundai to better understand the needs of the Indian market and tailor its products accordingly.
Localisation and Cost Efficiency
Hyundai’s efforts to deepen localisation of components are expected to have a significant impact on the cost of EVs. The company has been working closely with domestic suppliers to develop new technologies and processes that will help reduce costs while maintaining quality. For instance, Hyundai has partnered with a leading Indian battery manufacturer to develop a new battery technology that is expected to reduce costs by up to 30%. This will not only make EVs more affordable but also increase their adoption rate.
Furthermore, Hyundai’s focus on localisation is expected to create a ripple effect in the Indian automotive industry. Other manufacturers are likely to follow suit, which will lead to increased investment in the sector and job creation. This will not only boost economic growth but also make India a hub for EV manufacturing and innovation.
Electrifying the Masses
The launch of Hyundai’s mass-market electric SUV is a significant step towards making EVs more accessible to the masses. The company has been working on developing a product that is not only affordable but also meets the needs of Indian customers. The SUV is expected to have a range of over 300 km on a single charge, making it an attractive option for those who want to own an EV without worrying about running out of charge.
Hyundai has also been working on creating a robust after-sales support network to ensure that customers have a hassle-free experience. The company has set up a dedicated team to provide support and maintenance services for EVs, and has also partnered with various charging network providers to offer customers a seamless charging experience.
As Hyundai prepares to launch its mass-market electric SUV, the company is confident that it will be a game-changer for the Indian EV market. With its focus on affordability, convenience, and innovation, Hyundai is well-poised to capture a significant share of the growing EV market in India.
As the Indian market continues to shift towards EVs, Hyundai Motor India is poised to play a key role in driving this growth. With its commitment to expanding charging infrastructure, deepening localisation of components, and creating a robust after-sales support network, Hyundai is well on its way to becoming a leading player in the Indian EV market.
