Hyundai Motor Group revealed that it would focus on one of the largest auto markets globally. The automaker has plans to introduce five EV models in India since it brings a rapid transition to an electric future.
The automaker overtake GM, Nissan, and Stellantis in terms of annual volume, last year. The Hyundai Motor Group comprises Kia and Genesis, and it became the third-largest automaker worldwide.
The group continues to lead in the industry in 2023 as well with the increase in the electric vehicle competition. In the US, the automaker successfully raise its sales, and breaks its monthly record in July.
Hyundai IONIQ 5 and IONIQ 6 EV Sales
Hyundai Motor sold approx 20,000 EVs worldwide in July. Out of this figure, the IONIQ 5 and IONIQ 6 alone are responsible for 65% of EV sales.
In the interim, in the middle of Kia’s first dedicated EV, the EV6 along with the new flagship EV9 electric SUV. The automaker sold approx 10,500 EVs globally in June.
Furthermore, at the event of its 2023 annual investor day, Hyundai disclosed that it would invest $30 billion, in order to speed up its transition towards electric vehicles. Also, these new funds are drafted to assist its goal of selling two million EVs by 2030 with a new specific EV platform (IMA), advanced batteries, and production capabilities.
Hyundai targets India, a potential major EV market
The Hyundai Motor Group’s executive chair, Euisun Chung, visited India to evaluate the company’s strategy in the country. The reason behind this is that India was only behind the US and China in regard to auto sales the previous year. This along with 4.76 million new vehicles sold. The passenger car market alone is predicted to reach over 5 million units by the end of the decade.
Meanwhile, the group keeps on expanding its local R&D capabilities, alongside focusing on electrification, autonomous driving, and connectivity tech. This will consist of a new test facility, the same began its construction last year.
Chung highlights that if Hyundai wants to be a first mover, it will take the required steps urgently with EVs that outnumber customer expectations. Also, the automaker considers launching five EV models by 2032. This is along with raising the number of charging points to 439 by 2027.
At the same time, Kia will “strenuously target” the Indian EV market. The company achieved this by producing the first small electric cars optimized for the market in 2025. Subsequently, Kia will then come up with various EV models, and keep on developing EV infrastructure in the region.