Hyundai Motor Company has concluded plans to invest S$530million by 2028 to launch six electric car models in India, a market where the company is number two player.
“We want to be a key contributor to the electric vehicle story in India,” said Tarun Garg, director of sales and marketing for Hyundai Motor India, Hyundai Motor’s subsidiary.
He said that Hyundai Motor India will launch affordable and premium electric vehicles, including sport utility vehicles (SUVs) and sedans, starting with its first EV model in 2022.
Hyundai Motor India laid out its investment plan by 2028, saying it will launch a total of six electric vehicle models and focus on research and development.
EVs’ share in the global automobile market is expected to soar from the current 2 percent to 25 percent by 2030. The Indian government plans to increase the proportion of EVs from the current below 1 percent to 30 percent by 2030.
Maruti Suzuki, India’s number one automobile sales company, said it will launch electric or hybrid models by 2025, while Tesla of the United States is also gearing up to enter the Indian market.