Hyundai Planning to Invest USD 2.4 Billion in EV Market, Will Give Competition to Tata Motors

Hyundai is second after Maruti Suzuki in the country’s automobile market. Tata Motors and Mahindra & Mahindra have invested heavily in the EV segment. According to a Bloomberg report, Hyundai has planned to invest about $2.4 billion to increase its share in this market. The company is also preparing to start its second plant next year. This will help Hyundai meet the demand for EV and other vehicles.

Preparations are being made to launch the electric version of the company’s SUV Creta, which sells in large numbers. Earlier, Hyundai has discontinued its first electric vehicle Kona in the country. Hyundai has removed Kona Electric from its website. It was not updated since its launch. Its sales were also weak and the main reason for this was its old design. The company has said that it will launch its new electric vehicle early next year. This will be the electric version of Creta. Hyundai plans to launch four EVs in the country. Recently, Creta’s sales crossed 10 lakh units. The company’s first SUV in the country was launched almost nine years ago. Despite many models being launched in this segment, Creta has received a good response.

Hyundai also plans to create a local supply chain for important components of EV. South Korea’s Hyundai Motor Group includes Hyundai Motor and Kia. Hyundai and Kia aim to launch hybrid SUVs in 2026 or 2027. Last month, the company submitted documents for IPO with market regulator SEBI. The company had said that 17.5 percent stake would be sold in it.