Hyundai Motor Group plans to launch its first hybrid automobiles in India as early as 2026, three sources stated, because the South Korean auto group shifts technique to look past electrical automobiles and enhance its presence in a key auto market.
The group, housing Hyundai Motor and Kia, is evaluating a hybrid sport-utility automobile of measurement much like its top-selling, mid-sized Creta SUV in India, stated two of the sources who’ve direct data of the plans.
Each Hyundai, which is India’s second-largest carmaker, and Kia are concentrating on the launch of hybrid SUVs in 2026 or 2027, the 2 sources stated, including that their EV plans for India have been additionally on observe.
In an announcement, Hyundai Motor Group informed Reuters it was “dedicated to a way forward for electrified mobility and can optimize product methods for every market”.
The pivot to hybrids – which use a gasoline powertrain and electrical motor – comes as Hyundai sees a surge in gross sales of the know-how in India, prompting it to shift away from an preliminary technique that targeted solely on battery electrical automobiles.
Hyundai and Kia, which now promote solely gasoline and diesel automobiles and imported EVs such because the IONIQ 5 and EV6, respectively, are working to launch their first India-made EVs on the planet’s third-largest automobile market in 2025.
However EV gross sales have been sluggish to choose up due to excessive costs and insufficient charging infrastructure, spurring the corporate to show to hybrids as an “interim technique”, one of many sources stated.
“Hyundai has the hybrid know-how in different markets. It has now begun work on tailoring that know-how for automobiles in India to make it mainstream,” stated the supply, including that rising client demand and acceptance of hybrids in current months led to the shift.
Complete automobile gross sales in India topped 4 million in 2023, with EVs accounting for greater than 2 %. Hybrids, led by Toyota Motor, are inching nearer, with a share of two %.
Hyundai is doubling down on India, the place it plans a $3-billion IPO, amid a scaleback of manufacturing in China following years of losses there, and having offered its two Russian vegetation.
Mid- and long-term methods for India, together with EV and hybrid plans, featured in discussions held by Hyundai Motor Group Govt Chair Euisun Chung, throughout his second go to to the nation final week in lower than a 12 months.
India is Hyundai’s third largest income generator after South Korea and the US.
© Thomson Reuters 2024
