As India awaits the 2023 Hyundai Creta, the South Korean automakers has reportedly started to work on the electric version of the popular compact SUV. As per a report by Autocar, Hyundai Creta EV, internally as Project SU2i EV, is under works and the company may launch it at next Auto Expo. The report suggest that the Hyundai Creta electric SUV will go under production by the end of 2024 and it will rival Maruti Suzuki's upcoming YY8 EV SUV.
Hyundai's entry in the Indian EV market is part of a broader strategy to introduce six EVs in the country by 2028. The company has adopted a three-tiered approach, starting with fully imported models like the Ioniq 5 and Kona Electric, then developing internal combustion engine-platform-derived EVs like the Creta EV, and ultimately reaching complete localization using the E-GMP platform. In the meantime, Hyundai plans to rely on the Kona and Ioniq 5 to establish the brand's credentials in the EV space while working on setting up the necessary back-end operations.
The Creta EV is expected to be priced between Rs 15 lakh and Rs 30 lakh, making it competitive in the market space that is expected to be the core of electric vehicles offerings in India. Other homegrown brands like Tata Motors and Mahindra & Mahindra are also likely to offer new models in this segment.
Also read: BMW 3 Series Gran Limousine launched in India at Rs 57.90 lakh ahead of Auto Expo 2023
Hyundai has also invested in its manufacturing facility in Chennai to accommodate the production of ICE-platform-based EVs. In FY2022, the company invested Rs 1,472 crore in expanding the plant's capacity to 8.5 lakh units to meet future demand. The company has also allocated a budget of close to $500 million (over Rs 4,000 crore) for its EV plans in India.
Hyundai sees a great potential for EVs in India, which is a strong market for the company. The company expects the market for EVs in India to grow at a compounded annual rate of 90 per cent to $150 billion by the end of the decade. Hyundai has also noted that rising fuel prices and higher costs of ICE vehicles are driving EV adoption, and government support for EVs through schemes like FAME and PLI has also played a significant role in encouraging investments in manufacturing of EVs.
