Hyundai Motor India Ltd is gearing up to export its forthcoming electric vehicles to other emerging markets like Africa and Latin America, with the goal of solidifying its role as a manufacturing hub. The firm is also concentrating on the localization of production components, such as battery packs and drivetrain power electronics, to ensure the electric vehicles are priced competitively.
Hyundai Motor India Ltd, on the verge of an IPO, is set to explore export opportunities for its forthcoming electric vehicles to similar markets, aiming to bolster its role as a manufacturing hub for emerging markets, a top executive revealed. The company has planned the launch of four electric vehicles, including an electric variant of its renowned SUV Creta, by the fourth quarter of FY25, targeting the mass and ‘mass premium’ categories.
“We are a very strong production hub for emerging markets. We are exporting to 80 plus countries. As far as EVs are concerned, it will, of course, depend on the demand but we are always open to look at any product, which we introduce in India, for exporting it to the other market as well,” Hyundai Motor India Ltd COO, Tarun Garg told PTI.
He was addressing an inquiry regarding the company’s potential export of its electric vehicles, which are scheduled to be launched in India in the future. “In terms of EV it will depend on the infrastructure. It will depend on the demand. But yes, going forward, we will see what are the opportunities which are being presented,” Garg said. The four electric vehicles, including the Creta EV, will cater to both the mass and mass premium segments and will be manufactured in India, he added. “These products are primarily designed for the Indian market. The strategy is to focus on products that are key to Indian consumers to achieve favorable economies of scale,” he stated. He added that, as the company has previously done, it aims to target emerging markets with customer preferences similar to those in India.
“Typically, the products we manufacture in India are well-suited for emerging markets such as Africa, the Middle East, Latin America, Central America, and Asia. Therefore, it is a logical step for us to consider exporting EVs from India.” Garg said.
He mentioned that introducing the Creta EV would be an appropriate move into the volume segment. HMIL is not just launching EVs; it is also cultivating the entire ecosystem, he explained.
“We are trying to really localize, starting with battery packs. Going forward, we are looking at cell manufacturing with the local Indian partner in terms of LFP cells, and drivetrain power electronics as well,” Garg said
He mentioned, “These localizations will enable us to price the electric vehicles competitively and position them appropriately, ensuring that customers can benefit from very attractive prices.”