Hyundai Motor Group revs up EV roadmap in India

Hyundai Motor Group Executive Chairman Euisun Chung, third from left, visits the group’s Chennai factory in India, on Aug. 8. [Courtesy of Hyundai Motor Group]

South Korean auto giant Hyundai Motor Group is making significant strides in the electric vehicle (EV) landscape in India, following a visit by its Executive Chairman Euisun Chung.

During his two-day trip to the country that began Monday, Chung visited the group’s technology research center in India and highlighted its role in the growth of Hyundai Motor Group in the Indian EV market.

“To establish a foothold as a first mover in the EV market, supplying compelling products beyond customer expectations in a timely manner is crucial,” Chung said.

Chung’s visit to India is perceived as a move to assess the strategic importance of the country as a future mobility hub and to lead the fierce EV battle there.

The chairman had previously visited India four years ago when he was Executive Vice Chairman in April 2019.

At the time, the Indian automobile market surpassed Germany to become the world’s fourth-largest in size. Last year, India surpassed Japan, with sales of new cars reaching 4.76 million units, ranking among the world’s top three markets following China and the U.S.

In terms of passenger car sales alone, about 3.8 million units were sold in the market. The figure is projected to exceed 5 million units by 2030.

India has also been gaining attention as a hub for EV production and sales.

The Indian government aims to increase the proportion of EV sales to 30 percent of the entire vehicle sales by 2030.

Global EV companies, including Tesla Inc., have announced investment plans in India, and major chipmakers like Micron Technology Inc. and Advanced Micro Devices Inc. are also accelerating entry.

Chung visited the Hyderabad research center ahead of the visits to the Chennai factory and other sites.

Chung reportedly reviewed local research and development (R&D) strategies and gained detailed insights into the EV market at the research center.

Euisun Chung, right, meets with M.K. Stalin, Chief Minister of Tamil Nadu, on Aug. 8. [Courtesy of Hyundai Motor Group]

The Hyderabad research center up until now has played a supportive role in developing locally customized vehicles in collaboration with the group’s Namyang research center.

However, the Indian research arm will now also serve as a hub for future mobility research, engaging in R&D in the areas of electrification, autonomous driving, and local-language voice recognition technology development.

To achieve this, the group has been pursuing the construction of new testing facilities since last year.

On Tuesday, Chung visited the group’s Chennai factory and discussed medium- to long-term plans concerning the automaker’s production and sales.

India’s production volume exceeds that of the entire Europe, including Slovakia and the Czech Republic plants. For Hyundai Motor Co., Indian facilities are expected to surpass those in China in cumulative production by March next year, likely making India the number one overseas production hub.

In India, Hyundai Motor Group maintains a strong position as the second-largest automotive company after Maruti Suzuki India Ltd., a joint venture between the Indian state-owned company Maruti and Japanese automaker Suzuki Motor Corp.

Hyundai Motor plans to continuously introduce sports utility vehicle (SUV) models tailored for the Indian market, including the compact SUV EXTER, which was launched in July.

Hyundai Motor also plans to introduce five EV models in the market by 2032 and expand the charging station network to 439 stations by 2027.

During his trip, Chung also met with M.K. Stalin, Chief Minister of Tamil Nadu, and discussed development strategies for the Indian automotive market and cooperation opportunities.

Hyundai Motor and the state of Tamil Nadu signed a memorandum of understanding in May to invest 200 billion rupees ($2.4 billion) over the next ten years to promote the EV ecosystem and modernize production facilities.