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Driving into the Future: Hyundai’s Strategic Moves to Electrify and Dominate India’s Auto Market

SEOUL/GURUGRAM, April 25, 2024 – In a pivotal stride towards reinforcing its market leadership in India, Hyundai Motor Group’s Executive Chair Euisun Chung embarked on a strategic visit to underline the company’s long-term commitment to the burgeoning Indian automotive sector. Amid India’s escalating role on the global stage, Chung’s visit was not just ceremonial but a critical part of Hyundai’s ambitious roadmap to anchor itself as a premier mobility provider in the region.

This visit marks a momentous period for Hyundai, which is gearing up to celebrate its 30th anniversary in India in 2026. The Executive Chair’s itinerary included a groundbreaking overseas town hall meeting at Hyundai Motor India’s new headquarters in Gurugram, engaging directly with over 400 local employees and an additional 3,000 participants via video from across all Hyundai sites in India.

Hyundai Motor Group, in partnership with Kia India, announced a robust production expansion with plans to bolster their combined annual output to 1.5 million units by 2025. This includes initiating operations at Hyundai’s Pune plant next year, a facility poised to amplify the group’s manufacturing capacity significantly.

The centerpiece of Chung’s discussions was Hyundai’s aggressive electrification blueprint aimed at capturing leadership in the Indian EV market. Hyundai plans to introduce its first locally produced EV next year, with an ambitious target of rolling out five EV models by 2030. This strategy is complemented by a commitment to enhance EV infrastructure, including a notable increase in charging stations across the country.

Kia India is not far behind, with plans to kickstart its own local EV production in 2025, further strengthening the group’s footprint in the electric mobility domain. Both brands have also inked a partnership with Exide Energy Solutions Ltd., aiming to localize battery production—a move set to offer a significant edge in the cost-sensitive Indian market.

Hyundai’s strategic initiatives extend beyond business metrics, emphasizing strong community engagement and sustainability efforts. The Hyundai Motor India Foundation has been at the forefront, supporting various social causes since 2006, from environmental conservation to educational and health initiatives.

This strategic visit by Chung not only underscores Hyundai’s commitment to India as a critical market but also demonstrates a forward-thinking approach in embracing the shift towards electric mobility and sustainable practices. With these robust strategies in place, Hyundai Motor Group is poised not just to navigate but lead the rapidly evolving automotive landscape in India.

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