INSUBCONTINENT EXCLUSIVE:
He was responding to a query on whether the company will export its EVs planned to be launched in India in the future.3 min read Last
Updated : Oct 13 2024 | 10:45 AM IST
IPO-bound Hyundai Motor India Ltd will explore opportunities for exporting its upcoming electric
vehicles from the country to other similar markets to enhance its position as a production hub for emerging markets, according to a senior
company official.
The company is lining up four electric vehicles to be launched in future, including the electric version of its popular
SUV Creta by Q4 FY25, in the mass and 'mass premium' segments.Click here to connect with us on WhatsApp
"We are a very strong production
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
query on whether the company will export its EVs planned to be launched in India in the future.
"In terms of EV (exports) it will depend
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 EVs, including Creta EV,
will be in both "mass as well as in the mass premium segments", which will be made in India, he added.
"These products are primarily for
the Indian market ...the strategy has always been to make products central to the Indian markets to get good economies of scale as well," he
said, adding like the company has done in the past, it would look to tap emerging markets that have similar customer preferences like
India.
"Normally, all the products which we produce in India are very suitable for emerging markets like Africa, the Middle East, Latin
America, Central America, Asia
So, it becomes a very natural fit for us (to look at exporting the EVs from India)," Garg said.
He said bringing the Creta EV would be the
right entry into the volume segment.
HMIL is not simply launching the EVs but is also developing the entire ecosystem, he said.
"We are
trying to really localise, 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.
All these localisations, he said,"will help us to really price the EVs (competitively) and position rightly so that the
customers can have a very good price".
At present, HMIL sells electric SUV IONIQ5 priced around Rs 45 lakh.(Only the headline and picture
of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated
feed.)First Published: Oct 13 2024 | 10:45 AMIST
