hyundai india: Indian EV market grown faster than Hyundai’s expectations: Hyundai India MD – JulieSimba
hyundai india: Indian EV market grown faster than Hyundai's expectations: Hyundai India MD

hyundai india: Indian EV market grown faster than Hyundai’s expectations: Hyundai India MD

Unsoo Kim, the new managing director at Hyundai Motor India, says the South Korean carmaker is working actively on delivering highly localized electric vehicles for the Indian market. In an interview with Ketan Thakkar, Kim speaks about the role of EVs, shortage of semiconductors and the shift towards higher priced vehicles among other things. Edited excerpts:

What is your view on the Indian market?

The Indian automotive market is in the midst of transformation. Once a popular small-car market, with the growing economy, the rising middle class is seeking more modern, premium, safe and high-tech cars. This trend is in line with other miraculous. It is very good for India. Given the current geopolitical situation – in Europe and Asia (China) – India stands out as a big opportunity for future growth. A young population, strong demographic will drive demand. Maybe structurally, all it needs is a battery-cell making and semiconductor ecosystem to become more self-reliant. This will help in the overall and sustainable growth of the auto industry.

What is your view on EVs and how will Hyundai participate?

The Indian EV market has grown faster than our expectations. While the markets of the US, Europe or China are growing well, the pace of electrification in India can surprise many. India needs to prepare itself for an electric future by creating an overall ecosystem and customer acceptance at mass scale. The Indian government is pushing the green agenda very well. They are already laying a roadmap for battery swapping; There ares offered through PLI (production-linked incentives) for the battery as well as semiconductors, so the government is putting in place a framework for self-reliance for made in India and that is very encouraging. Hyundai’s localization level is over 90% and in the future we want to work towards enhancing the localization levels.

Will India get a dedicated EV platform?

Globally, we have a full lineup of dedicated EVs. For India, we have already announced a ₹4,000-crore investment till 2028 to bring six BEVs (battery EVs) to India. Some of these BEVs will be based on the E-GMP platform and we are also not ruling out the derived EV products from the existing architectures.

Is there a need for capacity expansion?

We will maximise our capacity to 800,000 and it will also include exports. Currently, there are no plans of expansion; however we continuously evaluate the market environment.

Would you look at a dedicated EV plant?

Hyundai has the most advanced manufacturing plant in India and it is capable of making ICE (internal combustion engine) and EV vehicles. Currently, there are no plans of any dedicated EV plant for the Indian market.

What is your take on the semiconductor situation?

It is improving, we expect a better supply scenario in the second half. 2023 should get even better, but uncertainty remains. We are hopeful optimism.

You exited the entry-car space. What is the rationale?

Hyundai has a strong presence in the hatchback segments with brands like the Grand i10 NIOS, i20 and i20 N Line. Indian customers have always shown strong affinity to Hyundai cars in the entry segments, and we will continue to dominate this segment with new-age offerings. We are not vacating any space; We will go where the customers are moving.


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