‘India key to Hyundai’s plans of selling two million EVs globally by 2030’, ET Auto

India is the third-largest market in Hyundai’s global operations.
India will play a key role in realising Hyundai Motor Company’s (HMC) target of selling two million electric vehicles globally by 2030, Jose Munoz, president and chief executive of the Korean automaker, said on Tuesday. Munoz, who is visiting India to review operations at Hyundai Motor India (HMIL), said the company is committed to making EVs more accessible and suited to the needs of Indian consumers.

“With HMC’s target to sell 2 million EVs by 2030 globally, India will play an important role in achieving this milestone,” he said, adding: “HMC will continue to support HMIL to expand its EV offering and invest in the necessary infrastructure to support this shift.” HMIL, which launched the Creta EV this January targeting customers in the mainstream market, plans to introduce three more EVs in the coming years.

Prior to the Creta EV, the company had a sole electric vehicle Ioniq 5 on sale, positioned at the upper end of the Indian passenger vehicle market that has comparatively lower volumes.

Addressing employees in a town hall at HMIL’s headquarters in Gurugram, he said the upcoming manufacturing facility in Talegaon, Maharashtra, will play a crucial role in boosting local manufacturing capabilities.

“It will not only help meet the domestic demand but also position HMIL as a global manufacturing hub,” he said. HMIL produced around 625,000 vehicles at its existing factory near Chennai in the first 10 months of FY25. The company aims to reach a total annual capacity of 1.1 million vehicles when the Talegaon facility becomes fully operational. Meanwhile, HMIL was overtaken by Mahindra & Mahindra as India’s second-largest carmaker by sales in February. In cumulative sales though, HMIL remains ahead of its Indian rival.

Noting India is an important and growing market, Munoz said, “India is the third-largest market in Hyundai’s global operations. HMIL’s IPO has helped HMC to invest and expand in new products and additional production capacity in India. HMIL has emerged as a world-class automotive manufacturing and regional export hub and is integral to Hyundai’s global vision.” Overall, he spoke of Hyundai’s global vision for the future and provided strategic insights into Hyundai’s growth trajectory in India, according to a statement by HMIL.

“Munoz’s visit reinforced HMC’s commitment to HMIL while highlighting the overarching strategic goals, exploring new opportunities and fostering a culture of collaboration, innovation, and excellence,” according to the statement.

• Published On Mar 5, 2025 at 08:31 AM IST

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