Hyundai India seems fully prepared to rapidly expand its EV portfolio in the country. The company is going for an Initial Public Offering (IPO) in India, and according to the company’s documents filed with SEBI, Hyundai Motor India Limited plans to launch four electric vehicle (EV) models in the future, including the Creta EV, in the last quarter of the current fiscal year.
The names of the other models have not been revealed yet. It’s worth noting that Hyundai recently released a teaser for its upcoming Inster EV for the global market, which will be unveiled at the Busan International Motor Show later this month. However, it’s still unclear whether the EV will be brought to India or not.
According to the documents filed with SEBI for the IPO, Hyundai wants to maximize the cost competitiveness of its electric vehicle models and intends to focus on securing local production capabilities for key components such as cells, battery packs, power electronics, and drivetrains, and establishing a local EV supply chain.
In the Draft Red Herring Prospectus (DRHP), HMIL stated that it will align its EV strategy with market demands in India by launching an EV model within each price segment.
Following this policy, Hyundai has planned to launch four EVs in India. The company has confirmed that the Hyundai Creta EV will be launched in the last quarter of the fiscal year 2025. Currently, HMIL sells two EV models in India – the IONIQ5 and Kona Electric – priced at around IRs. 45 lakh and IRs. 24 lakh, respectively.
Additionally, Hyundai Motor India is planning to localize the EV supply chain in collaboration with both local and global EV power electronics suppliers, enabling them to secure the Production-Linked Incentive (PLI) subsidy.
The company’s future focus will also be on expanding the charging station network. In the document, the company stated, “Our goal is to develop the EV infrastructure in India by setting up charging stations.
As of March 31, 2024, we have installed 11 fast-charging stations in India. We aim to support EV adoption by installing charging stations.”
It’s worth noting that last week, HMIL filed preliminary documents with SEBI to initiate the IPO process. If listed, it would be India’s biggest IPO, surpassing the current record held by LIC, whose IPO size was Rs. 21,000 crore.
Separately, the South Korean automaker Hyundai is preparing to enter the compact electric SUV market with the Inster EV, which will be unveiled at the Busan International Motor Show later this month.
The automaker has released a teaser photo of this SUV on its social media accounts. The Inster EV‘s design resembles the current Hyundai Casper micro-SUV, featuring round headlights and modern pixelated LED daytime running lights that also function as turn indicators.
