Hyundai to begin its EV offensive in India in 2025

Hyundai plans to expand its EV line-up in India with the launch of four new models. The company will begin its EV offensive in the country early next year.

Gearing up for potentially India’s biggest IPO this year, valued at an estimated $2.5-3 billion, Hyundai has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and revealed in this document that four EVs are in the pipeline. DRHP is a mandatory document companies planning an IPO in India need to share with SEBI and stock exchanges. It details their business and discloses their motive behind raising money through the IPO and the possible risks involved in it for investors.

The first of the four EVs Hyundai has lined up for India will be the Creta EV, scheduled for launch in Q1 2025. The company may conduct the launch of the first model at the Bharat Mobility Global Expo 2025, which will take place from 17 to 22 January.

The Hyundai Creta EV will be a conversion of the second-generation Hyundai Creta, introduced in India at Auto Expo 2020. The donor model straddles small and compact SUV segments and is one of the most popular products in its category.

The Hyundai Creta EV will reportedly employ the permanent magnet synchronous motor of the second-gen Hyundai Kona Electric‘s Standard Range variant. This motor generates 99 kW and 255 Nm of torque in the latter. A 45 kWh battery pack sourced from LG Chem will power this motor. There’s no word on the chemistry of the battery pack or the targeted range.

The Hyundai Creta EV will be the South Korean automaker’s first locally manufactured electric vehicle. Its production will take place at the company’s factory in Sriperumbudur (Tamil Nadu). The first unit will roll off the assembly line by the end of 2024, as per a report from Autocar India. Moreover, this report also mentions January 2025 as the launch month, citing Hyundai India COO Tarun Garg as the source.

In 2026, Hyundai will launch another mass-market EV in India, as per a report from Autocar Professional. The report suggests that this model will belong to the same segment as the Hyundai Venue small SUV and slot below the Hyundai Creta EV. Thus, it’s probably referring to a pure electric variant of the next-gen Hyundai Venue due in 2025. Hyundai has a deal to source low-cost LFP cells from domestic supplier Exide and could leverage that for this model.

According to another Autocar Professional report, the next-gen Hyundai Venue will be made at the former GM plant in Talegaon (Maharashtra). Hyundai acquired this factory just back in January. It’s safe to assume that the Hyundai Venue EV will be manufactured alongside its ICE donor model. This model will compete with the Tata Nexon.ev and the MG ZS EV. These rivals cost ₹19,29,000 (€21,523)and ₹18,98,000 (€21,177) onwards, respectively, and on a full charge, they can travel up to 465 km and up to 461 km, respectively.

As for the remaining two models, they could be the Hyundai Ioniq 6 and the first-ever Hyundai Exter EV. The latter, already rumoured in Indian media, could be a conversion of the Hyundai Exter micro SUV. It should compete with the Tata Punch.ev, which costs ₹10,98,999 (€12,262) onwards and delivers a range of up to 421 km.

A fifth of Hyundai’s global sales comes from India, Bloomberg said in a recent report. The emerging nation falls among the South Korean automaker’s top three revenue markets. At present, the pre-facelift Hyundai Ioniq 5 is the brand’s only EV on sale in India. The facelifted Hyundai Ioniq 5 could arrive as its replacement sometime in 2025.

hyundai.com, sebi.gov.in, autocarindia.com (Hyundai Creta EV SOP timeline), autocarpro.in (Hyundai small EV launch), autocarpro.in (next-gen Hyundai Venue production site), bloomberg.com