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Business News › Industry › Auto › Auto News › Indian EV market grown faster than Hyundai's expectations: Hyundai India MD

Breaking News: Rupee hits record low for a third straight session

Indian EV market grown faster than Hyundai's

expectations: Hyundai India MD
By Ketan Thakkar, ET Bureau Last Updated: Jul 05, 2022, 12:26 AM IST
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Synopsis

ecnaniF j
"The Indian automotive market is in the midst of transformation. Once a popular small-

ecnaniF jajaB
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 economies. It is very

Bajaj
good for India."

PTI
Unsoo Kim, the new managing director

Finance
at Hyundai Motor India, says the
South Korean carmaker is working
actively on delivering highly localised

Fixed
electric vehicles for the Indian market.
In an interview with Ketan Thakkar,
Kim speaks about the role of EVs,
Unsoo Kim

among other things. Edited excerpts:

shortage of semiconductors and the

shift towards higher priced vehicles Deposit

Bajaj Finance
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 economies. It is very good for India. Given the current Book Now
geopolitical situation - in Europe and Asia (China) - India stands out as a big
opportunity for future growth. A young population, strong demographic will
Popular in Auto
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 1. Maruti's twin-pronged
strategy to protect, enhance
overall and sustainable growth of the auto industry.

market share

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

2. Supply chain constraints to

continue affecting auto
sector this year, says

https://economictimes.indiatimes.com/industry/auto/auto-news/indian-ev-market-grown-faster-than-hyundais-expectations-hyundai-india-md/articl… 1/5
7/13/22, 1:12 PM hyundai india: Indian EV market grown faster than Hyundai's expectations: Hyundai India MD - The Economic Times
Mercedes-Benz India MD & CEO

3. Tata Motors hikes passenger

vehicle prices by 0.55%

4. Tata Motors global

wholesales up 48 pc to
3,16,443 units in Q1

Bajaj Finance Fixed Deposit 5. NCLT orders liquidator of

steel cos to admit TVS
Motor's claim
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Bajaj Finance

jajaB
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 Bajaj Finance
by creating an overall ecosystem and customer acceptance at mass scale. The
Indian government is pushing the green agenda very well. They are already Fixed Deposit
laying a roadmap for battery swapping; there are incentives offered through
PLI (production-linked incentives) for battery as well as semiconductors, so Book Now
the government is putting in place a framework for self-reliance for made in
India and that is very encouraging. Hyundai's localisation level is over 90% TOP TRENDING INDUSTRY TERMS

and in future we want to work towards enhancing the localisation levels.

LPG Cylinder Price Ranveer Singh Quadruplex

Isha Ambani Mukesh Ambani Resigns

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 Most Popular News
also not ruling out the derived EV products from the existing architectures.

1. Narayana Murthy shares 9

lessons learnt as an

entrepreneur from his
Is there a need for capacity expansion?

Infosys days

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 2. Bollywood actor Ranveer
Singh buys Rs 119-crore
luxury quadruplex in
the market environment.

Mumbai’s Bandra

Would you look at a dedicated EV plant?

3. More trouble for IndiGo?

After pilots and cabin crew,
Hyundai has the most advanced manufacturing plant in India and it is now technicians go on mass
capable of making ICE (internal combustion engine) and EV vehicles. leave

Currently, there are no plans of any dedicated EV plant for the Indian market.

4. TCS stock: Should investors
buy or sell after Q1 results?
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 cautiously optimistic.

5. EXPLAINER: Why Sri Lanka's

economy collapsed and

what's next
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

https://economictimes.indiatimes.com/industry/auto/auto-news/indian-ev-market-grown-faster-than-hyundais-expectations-hyundai-india-md/articl… 2/5
7/13/22, 1:12 PM hyundai india: Indian EV market grown faster than Hyundai's expectations: Hyundai India MD - The Economic Times

jaja
dominate this segment with new-age offerings. We are not vacating any space;
Bajaj Finance

jajaB
we will go where the customers are moving.

READ MORE NEWS ON

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Hyundai India Unsoo Kim Hyundai Motor India Hyundai Hyundai Ev

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5 COMMENTS ON THIS STORY

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