Hyundai plans to unveil Creta EV and 3 new models by year-end

In the latter quarter of the current fiscal year, Hyundai Motor India Ltd. plans to launch four electric car models, including the Creta EV, according to the company's first IPO paperwork filed with SEBI.

To improve the electric vehicle (EV) lineup's pricing competitiveness, the business intends to give local production capabilities for vital parts including cells, battery packs, power electronics, and drivetrain top priority. Creating a regionalised EV supply chain is another priority.

Hyundai Motor India Ltd (HMIL) declared in its draft red herring prospectus (DRHP) that it will monitor the Indian market needs to adjust its EV launch timeline and bring appropriate EV models to a range of pricing points.

"We are putting our transition strategy into action, starting with the launch of high-end, premium EVs, to move towards mainstream markets as India's EV industry and ecosystem grow. By the latter quarter of fiscal 2025, we want to introduce four EV models, including the Creta EV, as part of this goal, the business said.

The IONIQ5 and Kona Electric, two EV models that HMIL currently sells in India, are priced at about ₹45 lakh and ₹24 lakh, respectively. The business stressed that building local manufacturing capabilities for vital parts like cells, battery packs, power electronics, and drivetrains, as well as creating a regionalised EV supply chain, will be the key to improving the price competitiveness of its EV range.

To assemble EV batteries, HMIL has leased a section of its Chennai Manufacturing Plant to Mobis, a company within the Hyundai Motor Company (HMC) group. This calculated action seeks to source locally made components in order to lower import prices for battery packs.

The statement said, "We also plan to localise the EV supply chain by partnering with local and international vendors of EV power electronics." It further mentioned that HMC and Exide Energy Solutions Ltd. have formed a strategic partnership in 2024 to assist localised battery manufacture and delivery in India.

In a similar vein, HMIL stated, "We are now investigating a number of strategic partnerships for the development of batteries. We believe that expanding our market presence and diversifying our selection of passenger vehicles will be achieved by bringing in EV models that are made domestically."

The company's short-term goals include moving to a specialised electric vehicle (EV) platform to save expenses and stepping up localisation efforts to be eligible for production-linked incentive (PLI) subsidies.