Hyundai and Kia, two prominent South Korean automakers, have announced plans to expand their electric vehicle (EV) offerings in India as part of their strategy to capture 10% of the market share by 2032. The move comes as they aim to tap into India’s booming auto market, which is the world’s third-largest.
Hyundai, currently the second-largest car manufacturer in India, plans to introduce five new EV models by 2032, in addition to the Kona and Ioniq 5 SUVs already available in the country. To support the increased adoption of EVs, the company also plans to enhance the charging infrastructure by 2027.
In a statement, Hyundai emphasized the growing importance of India as a center for EV production and sales. The company has already allocated $2.45 billion for expanding its EV manufacturing facilities in the country.
To further boost its domestic market share from the current 6.7%, Hyundai subsidiary Kia will start producing small electric vehicles from 2025. Kia also plans to focus on developing the EV charging infrastructure and expanding its sales network.
India’s government has implemented various initiatives to promote the adoption of electric vehicles, including incentives and tax breaks. These measures have resulted in increased consumer interest and demand for EVs in the country.
Industry experts predict that the South Korean auto market will witness a significant rise in EV sales, with estimates of at least 1 million units sold by 2030, compared to the 48,105 EVs sold in the country in fiscal year 2023.
Hyundai and Kia’s expansion plans align with the global shift towards sustainable transportation and the growing demand for electric vehicles. With their increased focus on EVs in India, the automakers aim to position themselves as key players in the country’s rapidly evolving automotive industry.
As Hyundai and Kia work towards growing their market share, their investments in EV production and charging infrastructure development will contribute to the ongoing transition to cleaner and greener transportation options in India.
