Hyundai confident of EV success, plans to expand beyond Creta

PTI, Jan 13, 2025, 11:06 AM IST

Chennai: Hyundai Motor India Ltd sees a triggering of acceleration in the electrification of the passenger vehicles market in the country in 2025 and 2026, according to company COO Tarun Garg.

Set to enter the mass market electric vehicle segment with the EV version of its popular SUV Creta, the company, which plans to bring four EVs in the future, is also looking at different segments, even below the mid-sized SUV segment.

“India is at an early stage of electrification. Last year, we ended with about 2.4 per cent electrification. I personally feel that 2025 and 2026 are going to be great trigger points in terms of electrification, and Creta EV is going to drive it,” Garg told PTI video here.

In 2024, the Indian passenger vehicles segment witnessed record sales of around 43 lakh units.

Citing an internal study by the Hyundai Motor India Ltd (HMIL) and also based “on some of the external consultants”, he said by 2030 EV penetration could be 17 per cent.

In an interaction with reporters here, he said, “This is my belief that 2026 will be the year where a big jump in this EV penetration can come in, probably, we can see a doubling of EV volumes.”

However, on a monthly level, he added, “It will happen towards the end of 2025 itself but for the full year, maybe 2026 is the right option.”

On the reasons for such an expectation, Garg said during this period “very strong OEMs (Original Equipment Manufacturers), very strong brands, are going to launch their very strong products in the EV space.”

Besides Hyundai Creta EV, Maruti Suzuki India is also set to unveil its first electric SUV ‘e VITARA’ at the Bharat Mobility Global Auto Show 2025 to be held from January 17-22.

Asserting that the Creta EV will play a significant role in the electrification drive, Garg said EV customers have been looking for a very strong brand from proven OEMs with strong reliability with a good range that addresses range anxiety issues.

“I think Creta EV is providing everything,” he said, citing the range of the upcoming model which has a range of 390 km and 473 km for the two variants and the strong brand equity of the Internal Combustion Engine (ICE) version of Creta, which has sold 11 lakh units cumulatively.

When asked whether the company will look at segments below the Creta, Garg said, “I am not commenting exactly on which variant, which model will come but we are looking at the entire range. We are looking at all kinds of segments.” He further said, “We are looking at ‘Creta minus’ as well as ‘Creta plus’ segments.” The company is currently present in the luxury EV segment with the IONIQ 5 which is priced at Rs 46.05 lakh.

The Creta EV is expected to play in the Rs 15-25 lakh segment, which contributes a major chunk of passenger vehicle sales in India.

He further said, “We are also looking at dedicated EVs as well as derived EVs. We want to be as strong in the EV space as we are in the ICE space…we believe that we have the capability to do the same in EVs as well.”

In order to address charging issues often faced by EV customers, Garg said HMIL has developed a charging management system app, which connects ‘not only Hyundai customers but also non-Hyundai customers’ with 10,000 charging points across the country.

“Out of these 10,000 charging points, 7,500 charging points, we have an arrangement where you can make a payment through the app itself for the charging,” he said.

The company is also starting an “in-car’ payment using the AVNT (Audio, Video, Navigation, Telematics) system to make the payment as well, he said, adding “We have already made arrangements with 1,150 charging points for this”.

Moreover, he said HMIL is also focussing on developing fast charging facilities with 80 fast chargers already been installed at 30 charging stations along major highways like Delhi-Chandigarh, Delhi-Jaipur, Mumbai-Pune, Hyderabad-Vijayawada to address apprehension of customers to take their EVs on the highways.