Indian Government Promotes Electric Vehicle Ecosystem Policy
Chairman Jung Emphasizes R&D and Local Strategic Model Development Hub
Meeting with Local Provincial Government to Explore Electric Vehicle Ecosystem Establishment
Hyundai Motor Group Chairman Chung Euisun visited its India operations for two days starting on the 7th (local time) and met with local state government officials to discuss current issues, the company said on the 8th. As India emerges as an important market in the process of promoting electrification transition, the company is putting in considerable effort.
On the first day of his India trip, Chairman Chung visited the Hyundai Motor and Kia India Technology Research Center in Hyderabad. The facility is dedicated to developing local strategic models, where the company reviewed its research and development (R&D) strategy and examined local market trends.
Hyundai Motor Group Chairman Chung Euisun is visiting the India Technology Institute on the 7th (local time) and inspecting various electric vehicles. The company explained, "This is to assess India's strategic importance as a future mobility hub and to prepare for a new leap as a top-tier electrification brand in India, which will become a fierce battleground for electric vehicles in the near future."
The India Technology Research Center plans to expand its role as a core hub for future mobility research, including electrification and autonomous driving. It is developing local language voice recognition technology and has been constructing new testing facilities since last year. Chairman Chung emphasized that to maintain a leading position in the local electric vehicle market, it is crucial to supply products with excellent competitiveness in a timely manner, urging the local technology research center to fulfill its role.
On the same day, he visited Hyundai Motor's India plant in Chennai and exchanged opinions with local employees. They discussed trends in the global automotive value chain restructuring centered on India.
Chairman Chung Eui-sun (center in the photo) and President Jang Jae-hoon of Hyundai Motor Company (left) are receiving a briefing on the business status at the India Technology Research Institute. India is a market that major global automakers, including Hyundai Motor Group, have recently been competing to develop. Last year, new car sales reached 4.76 million units, ranking third after China and the United States. The passenger car market, currently at 3.8 million units, is expected by the industry to exceed 5 million units by 2030.
In particular, India has become important as a production and sales hub for electric vehicles, which are considered key future mobility means. The Indian government has set a goal to increase the share of electric vehicle sales to 30% of total vehicle sales by 2030. Major semiconductor companies such as Micron and AMD, as well as the world's largest electric vehicle maker Tesla, are accelerating their entry into India.
Considering the high demand for sport utility vehicles (SUVs) locally, Hyundai launched the compact SUV Exter last month. The company plans to introduce five electric vehicle models by 2032 and increase the number of electric vehicle charging stations to 439 by 2027 by leveraging its sales network hubs. Kia plans to directly produce small electric vehicles suitable for the local market starting in 2025 and to launch various electric vehicle models, including purpose-built vehicles (PBVs).
Hyundai Motor Group Chairman Chung Euisun is visiting the India Technology Institute on the 7th (local time) and inspecting various electric vehicles. Hyundai Motor and Kia are the second-largest automakers locally, selling 807,067 units in India last year. This year, they sold 502,821 units through last month, an increase of about 9% compared to the same period last year. Electric vehicles are currently sold in the form of completely knocked down (CKD) kits, with 1,181 units sold during the same period. The company plans to increase sales by mass-producing electric vehicle volume models at local Hyundai and Kia plants.
On the day, Chairman Chung met M.K. Stalin, Chief Minister of Tamil Nadu, at the Tamil Nadu state government office in India to discuss cooperation plans. T.R.B. Raja, Tamil Nadu Minister of Industries, Hyundai Motor President Jang Jae-hoon, Hyundai Motor Chief Technology Officer (CTO) Kim Yong-hwa, and Kim Eon-su, Head of Hyundai Motor India, Asia, and Middle East Region, also attended. The company said both sides agreed on the need for active cooperation to build an electric vehicle ecosystem. Hyundai Motor and the state government signed an agreement in May to invest 3.2 trillion won over the next 10 years.
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