Hyundai Motor Group has set its sights on the Indian electric vehicle market and is poised to release five new EV models in the country. India is one of the largest automotive markets on the globe, and Hyundai is looking to capture a large swathe of the market as part of its recent electrification efforts.
The automaker has been on a roll for the past couple of years, outselling major automakers such as Nissan, Stellantis and General Motors in 2023 to become the third largest carmaker worldwide. Hyundai has seen major success in the United States, its largest overall market, and has been increasing vehicle sales by the month this year.
Hyundai’s electrified offerings have become especially popular among American drivers in recent months. Hyundai broke its monthly sales record thanks to swelling IONIQ 5 sales in July, and the IONIQ 6 is also enjoying increasing demand. These two offerings are also attracting demand from customers in international markets.
The automaker sold close to 20,000 electric vehicles last month, and the IONIQ 5 and 6 models accounted for an estimated 65% of those sales. Kia Motors, a subsidiary of the Hyundai Motor Group, sold more than 10,500 units of the EV6 and EV9 electric cars globally last month.
Like most automakers, Hyundai Motor Group is set to electrify its vehicle lineup over the next few decades. The Seoul, South Korea-based carmaker pledged to invest close to $30 billion into electrifying its vehicle lineup during this year’s investor day. This investment would fund the design and development of advanced EV batteries and a novel, dedicated EV platform. Hyundai will also use the investment to build up its production capabilities to accelerate its goal of building and selling 2 million next-gen battery electric cars by 2030.
Dubbed the Integrated Modular Architecture (IMA) platform, Hyundai’s new dedicated EV platform will be incorporated into 13 new Genesis, Kia and Hyundai electrified models by 2030. Hyundai plans to go all in on electrification with its expansion to India, reportedly the third largest EV market in terms of sales behind the U.S. and China.
Forecasts put India’s market for passenger vehicles at more than 5 million cars by the end of 2030. The Indian government has also adopted a pro-EV policy and is looking to achieve 30% electric vehicle sales by the end of the decade. Hyundai Motor Group’s executive chair Euisun Chung recently visited the country to assess the automaker’s expansion strategy in India.
The company will introduce five new EV models into the Indian market by 2032 and increase the public charging infrastructure in the country to 439 stations by 2027. Kia Motors will also expand into India by selling small EVs optimized for the Indian market from 2025 before introducing more models and helping to build up charging infrastructure.
It is game on, and startups such as Mullen Automotive Inc. (NASDAQ: MULN) have to become more innovative and find ways to penetrate the major EV markets, which larger companies such as Hyundai Motor Group are looking to dominate.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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