Hyundai and Kia to launch first India-made EVs by 2025, aiming for greater footprint in local market
electric vehicles is scheduled to commence by the end of 2024, with the official launch slated for 2025. Kia will also debut its India-made electric vehicle in the same timeframe, the group confirmed in a recent statement. By 2030, Hyundai and Kia intend to unveil five new electric models in the Indian market.
In a previous announcement this month, Hyundai revealed that both Hyundai and Kia would rely on batteries manufactured by Exide Energy Solutions to power their electric vehicles. India stands as Hyundai's largest market outside of North America and Europe. The company is gearing up for a $3 billion initial public offering (IPO), which would be the country's largest IPO.
Hyundai currently ranks as India's second-largest carmaker, best known for its top-selling 'Creta' sport utility vehicle. However, its existing electric models, the Kona and IONIQ 5, are imported, as is Kia's EV6. The new move toward local production represents a strategic shift for the carmakers.
Hyundai also reiterated its goal of achieving an annual production capacity of 1 million units by 2025. To meet this target, it plans to expand Kia's capacity from approximately 300,000 to 432,000, bringing the combined capacity of Hyundai and Kia in India to 1.5 million units. In an effort to reach these production goals, Hyundai recently completed the acquisition of a former Chevrolet plant in Maharashtra, aiming to increase production capacity.
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