Ahead of IPO Hyundai Motor To Develop India As EV Exports Hub

ENA Sectors 2024-10-14 14:15:16 New Delhi, Oct 14 (KNN) As Hyundai Motor India Ltd (HMIL) gears up for its much-anticipated Initial Public Offering (IPO), the automaker is laying the groundwork for an aggressive expansion into electric vehicle (EV) exports. This bold strategy aims to position India as a key manufacturing hub while tapping into the rising global demand for electric mobility. Hyundai plans to introduce four new EV models, including an electric version of its best-selling SUV, the Creta, by the fourth quarter of FY25. These models will target both mass and mass-premium segments, reflecting the companys goal to diversify its offerings and cater to a wide range of customers. Hyundais export focus will revolve around emerging markets with customer preferences closely aligned to Indias, such as Africa, Latin America, Central America, and the Middle East. According to Tarun Garg, COO of HMIL, the companys export decisions will be shaped by the demand and infrastructure available in these target markets. Hyundai currently exports vehicles to over 80 countries, cementing Indias role as a vital production hub for its global operations. A key element of Hyundais strategy is localisation. The automaker aims to develop an EV ecosystem in India by starting with the local production of battery packs, followed by potential partnerships for cell manufacturing. Localising critical components like battery packs and drivetrain power electronics will help Hyundai price its EVs more competitively, making them accessible to a broader customer base. Currently, Hyundais IONIQ5 electric SUV is priced at around Rs 45 lakh. However, the companys emphasis on localized production could unlock lower price points, enhancing affordability and appeal, especially in cost-sensitive emerging markets. Hyundais strategy reflects a comprehensive approach, combining export-led growth with ecosystem development. Beyond just product launches, HMIL aims to build robust supply chains and ensure market readiness to cater to evolving consumer needs. Garg highlighted that Hyundais vehicles manufactured in India are particularly well-suited for export markets, thanks to similarities in customer expectations. As it moves toward the IPO milestone, Hyundais push into EV exports underscores its ambition to remain at the forefront of electric mobility. With India playing a pivotal role in this journey, Hyundai aims not only to boost its domestic presence but also position itself as a major player in the global EV market. (KNN Bureau) 39581 https://knnindia.co.in/news/newsdetails/sectors/ahead-of-ipo-hyundai-motor-to-develop-india-as-ev-exports-hub 2024-10-14 14:15:16 knnindia.co.in Ahead of IPO Hyundai Motor To Develop India As EV Exports Hub