Hyundai Motor India Ltd (HMIL) is gearing up to revolutionise the Indian automotive market with the launch of four new electric vehicle (EV) models, including the highly anticipated Creta EV, by the end of the current fiscal year, as per its preliminary IPO papers filed with Sebi.
Currently, HMIL offers two EV models in India, the IONIQ5 and Kona Electric, which are priced around Rs 45 lakh and Rs 24 lakh, respectively.
The company’s transition strategy involves moving from high-end premium EVs toward mass-market models as the ecosystem scales up. Moreover, HMIL has leased a section of its Chennai Manufacturing Plant to Mobis for EV battery assembly, aiming to reduce import costs and enhance a localised EV supply chain. To maximise the price competitiveness of its EV models, HMIL aims to secure local production capabilities for key components, such as battery packs and power electronics, and establish a localised EV supply chain.
HMIL also plans to develop EV infrastructure in India by constructing charging stations.