The Logo of Hyundai Motor India Limited
Credit: Reuters Photo
Mumbai: Hyundai Motor India on Wednesday said it is looking to launch full electric vehicle models in both mass and premium segments with a localized supply chain.
The company, which on Wednesday announced the launch of its mega initial public offering (IPO) to raise Rs 27,870-crore on October 15, also said it will roll out Creta EV in the fourth quarter of this fiscal while plans are also there to launch four more EVs in the next few years.
"India is at the early stage of electrification. We are seeing that India's EV segment is expected to grow strongly by 2030 led by government's strong initiatives and many OEM EV focuses.
"Hyundai Motor India (HMI) has access to the Hyundai Motor Company's (HMC) global EV and battery technologies. So, we in India are planning to launch the full EV model, of course, in the mass and premium segment including our Creta EV in this financial year," HMI Managing Director Unsoo Kim said here at a road show ahead of the company's IPO.
"Also we will look for localized supply chains like the battery packs, power train and the battery cell as well. We are investing in the EV charging infrastructure as well," he added.
The company's Chief Operating Officer Tarun Garg said that HMI's EV plans are very strong, adding, "we are going to launch the Creta EV and then three more models in the EV segment, which will help us to really increase our EV sales as well." As far as hybrids are concerned, since 1998 HMI has always been the leader of the curve in terms of the technology to meet the market demand and the customers' preferences, Kim said.
"HMI has access to various HMC technologies like petrol, diesel, CNG, hybrid and plug- in hybrid, even hydrogen vehicles. So we are well positioned to launch a new model with this powertrain based on the customer demand scenario," Kim added.
He said that the domestic arm of HMC will benefit from the parent's extensive global ecosystem and help it expand the portfolio with new models as well as premiumisation.
HMI has plans to invest around Rs 32,000-crore in India over the next decade and will be investing in making its second manufacturing facility (Pune) automated, which is adding significant capacity.
Stating that the company would have an additional 30 per capacity by 2028 after the Pune plant comes up, Garg said this will give the company a lot of headroom both in domestic and exports to increase its volumes as well as market share.
The Creta EV with an high volume EV market segment, which is being introduced will help us to get market share in the EV segment, he said, adding, and of course, we will continue to pursue the strategies of premiumisation.
"Our domestic to export ratio is at 80 to 20 in terms of volume. And we believe in continuous focus on the domestic as well as export markets because (for) export, we are a hub for the emerging markets like Middle East Africa, Asia Latin America.
"So, I think this is a very good and healthy mix to have. It will all depend of course on the demand on the, how the demand is fluctuating, how the global economies are faring, but we feel that this is a very healthy mix," he said on the export market.
Going forward HMI is looking with interest software defined vehicles infotainment so that it continuously grows.
"But the important thing is the quality of growth while keeping track of volumes and market share. So we want to have a balanced approach to growth," Garg added.
He said that there could be huge potential for SUVs in the Indian market and it can be seen from the growth that the segment is witnessing.
"But we are a full range manufacturer and not just an SUV maker because India is a big market. And when a company has a full range, it allows it to have different kinds of powertrainS also. (So), we believe that in a market like India you need to be present in every segment and we will continue to look for opportunities that exist in segment, whether it is an SUV, sedan," he said.
At the same time we also must see what the customers want. "I think that is very very critical and at this point of time it seems the preference is for SUVs and that is why the focus is more on SUVs," Garg added.
Noting that the festivals like Navratra and Dussehra as well as Dhanteras all are falling in October, HMIL is very optimistic about the festive season demand.
"I am optimistic that this month will see a good demand not only for Hyundai but for the overall industry as well, and for all categories," he added.