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Hyundai Motor India Ltd, gearing up for an initial public offering (IPO), has unveiled plans to capitalize on export opportunities for its upcoming electric vehicles (EVs). The company aims to solidify its position as a prominent production hub for emerging markets by leveraging its existing export network and tapping into the global demand for electric mobility. This strategy hinges on the launch of four new EVs in the near future, including the highly anticipated electric version of the popular Creta SUV, which is slated to debut in the fourth quarter of fiscal year 2025. These EVs are strategically positioned to cater to both the mass and mass premium segments, showcasing Hyundai's commitment to offering diverse options to consumers.
Tarun Garg, Chief Operating Officer (COO) of Hyundai Motor India Ltd (HMIL), emphasized the company's strong foundation as a production hub for emerging markets, with exports spanning over 80 countries. He acknowledged the dependence on demand dynamics for EV exports, but highlighted the company's openness to exploring export opportunities for any product introduced in the Indian market. This suggests that Hyundai is actively evaluating the global EV landscape and identifying potential markets for its upcoming EVs.
While emphasizing the primary focus on the Indian market for its new EVs, HMIL acknowledges the potential for tapping into similar markets that share customer preferences. This approach mirrors the company's past success in exporting vehicles produced in India to countries such as Africa, the Middle East, Latin America, and Central Asia. Garg believes that the Creta EV will play a crucial role in entering the volume segment, reflecting Hyundai's strategy to capture a significant share of the growing EV market.
Beyond the launch of new EVs, HMIL is strategically investing in developing the entire EV ecosystem within India. The company's commitment to localization extends to battery packs, with plans to collaborate with local partners to establish cell manufacturing capabilities, specifically for lithium iron phosphate (LFP) cells. This focus on localization is further reinforced by the company's plans to manufacture drivetrain power electronics domestically.
The overarching goal of HMIL's localization efforts is to achieve competitive pricing for its EVs, making them accessible to a broader range of customers. This strategy aligns with the company's mission to democratize EV ownership in India and beyond. The emphasis on local sourcing and manufacturing will not only reduce costs but also foster a sustainable EV ecosystem in India, contributing to the country's ambitious goals for electric mobility.
Source: Will explore electric vehicle export opportunities: Hyundai Motor India