Will explore electric vehicle export opportunities: Hyundai Motor India

PTI, Oct 13, 2024, 11:32 AM IST

New Delhi: IPO-bound Hyundai Motor India Ltd will explore opportunities for exporting its upcoming electric vehicles from the country to other similar markets to enhance its position as a production hub for emerging markets, according to a senior company official.

The company is lining up four electric vehicles to be launched in future, including the electric version of its popular SUV Creta by Q4 FY25, in the mass and ‘mass premium’ segments.

“We are a very strong production hub for emerging markets. We are exporting to 80 plus countries. As far as EVs are concerned, it will, of course, depend on the demand but we are always open to look at any product, which we introduce in India, for exporting it to the other market as well,” Hyundai Motor India Ltd (HMIL) COO Tarun Garg told PTI.

He was responding to a query on whether the company will export its EVs planned to be launched in India in the future.

“In terms of EV (exports) it will depend on the infrastructure. It will depend on the demand. But yes, going forward, we will see what are the opportunities which are being presented,” Garg said.

The four EVs, including Creta EV, will be in both “mass as well as in the mass premium segments”, which will be made in India, he added.

“These products are primarily for the Indian market …the strategy has always been to make products central to the Indian markets to get good economies of scale as well,” he said, adding like the company has done in the past, it would look to tap emerging markets that have similar customer preferences like India.

“Normally, all the products which we produce in India are very suitable for emerging markets like Africa, the Middle East, Latin America, Central America, Asia. So, it becomes a very natural fit for us (to look at exporting the EVs from India),” Garg said.

He said bringing the Creta EV would be the right entry into the volume segment.

HMIL is not simply launching the EVs but is also developing the entire ecosystem, he said.

“We are trying to really localise, starting with battery packs. Going forward, we are looking at cell manufacturing with the local Indian partner in terms of LFP cells, and drivetrain power electronics as well,” Garg said.

All these localisations, he said, “will help us to really price the EVs (competitively) and position rightly so that the customers can have a very good price”.

At present, HMIL sells electric SUV IONIQ5 priced around Rs 45 lakh.