Hyundai Motor India will introduce its popular SUV Creta in an electric avatar. The company said on Monday that it will launch Creta Electric in the fourth quarter of the financial year 2025. The company also says that our target is to launch four EV models in the future, which will be launched in the last quarter of the financial year 2025. The company currently sells two EV models in India – IONIQ5 and Kona Electric. Their price is around Rs 45 lakh and Rs 24 lakh respectively.
The company will focus on these things
According to reports, Hyundai Motor India Ltd is trying to maximize the price competitiveness of its electric vehicle (EV) models, according to the company’s preliminary IPO documents filed with SEBI. According to a PTI report, the company also intends to secure local production capabilities for key parts such as cells, battery packs, power electronics and drivetrains and focus on building a localized EV supply chain.
Import cost for battery packs will come down
Hyundai Motor India has leased a portion of its Chennai manufacturing plant to Hyundai Motor Company group firm Mobis for the assembly of EV batteries, which will be supplied to the company, in turn reducing import costs for battery packs. “Furthermore, we intend to localise the EV supply chain through collaborations with both local and global EV power electronic vendors,” the company says.
The company will promote localization
HMIL said that currently, our company is exploring various avenues for strategic collaboration for the production of batteries. We believe that the inclusion of domestically produced EV models will diversify our passenger vehicle offering and further expand our market coverage. Further, in the near future, the company aims to increase localization to secure the production-linked incentive (PLI) subsidy and transition to a dedicated EV platform to optimize costs. As of March 31, 2024, we have installed 11 fast charging stations in India.
Latest Business News