Hyundai working on first locally designed EV for India, part of roadmap for 2030

Hyundai Motor Company recently held its first CEO Investor Day, unveiling its ambitious growth strategy as part of the roadmap under Vision 2030. The automaker announced several plans comprising multiple upcoming models across various markets, including India. Hyundai’s first locally designed electric vehicle for the Indian market is part of the product roadmap till 2030, while also expanding its production capacity in the country.

First Locally Designed Hyundai EV Coming Soon

Hyundai previously announced plans to go bullish in the Indian market, and the upcoming locally designed EV will be a part of the same strategy. The South Korean carmaker said that the upcoming EV will be “specifically designed for local drivers, while the market will also benefit from a localised supply chain."

Hyundai's product roadmap for 2030 include 18+ hybrid models globally, along with multiple new launches across markets

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Hyundai's product roadmap for 2030 include 18+ hybrid models globally, along with multiple new launches across markets

While the Hyundai Creta Electric is the brand’s first mass-market EV for India, the upcoming offering could be a more mass-market model at a more accessible price point. Hyundai does not have an entry-level offering to take on the Tata Punch EV, MG Comet, and the like, and this could be the space which the brand may be looking to enter, bringing a good mix of volumes and accessibility.

Hyundai also spoke about expanding the production capacity at its Pune facility by 2.5 lakh units by 2030 at the CEO Investor Day. The move aims to reinforce India as an export hub for the automaker. The expansion is a part of Hyundai’s larger plan to add 1.2 million additional production units globally across multiple plants in the next five years.

Hyundai is aiming to achieve 5.55 million global vehicle sales by 2030, of which 3.3 million vehicles sold are expected to be electrified vehicles, including over 18 hybrid models. The automaker is also planning to expand to newer product segments like mid-size pick-up and light commercial vehicles to improve demand. Apart from the new EV for India, the brand has the Ioniq 3 for the European market, Elexio for China, and a new electric sedan in the works. An Extended Range EV lineup of models is also on the cards globally from 2027, which promises to offer over 966 km of driving range, bridging the transition between internal combustion and full electrification.

Furthermore, Hyundai will work on the next generation of software-defined vehicles with a new platform in the works. The carmaker’s luxury arm, Genesis, is also working on the extended range EV, hybrid, and all-electric powertrain options across the lineup. The Genesis brand has a new flagship SUV in the works, which will come out globally in the coming years. The luxury brand is targeting annual sales of 350,000 units by the end of this decade, the automaker said. Notably, Hyundai India recently showed intent to bring the Genesis brand to India, which could help scale volumes in the coming years.

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