After Creta EV, Hyundai to launch 3 more electric vehicles
- Hyundai Motor India plans to expand its electric vehicle lineup, launching Creta EV this fiscal year and three additional models in the coming years.
Hyundai Motor India Limited on Wednesday announced that they will be expanding their electric vehicle lineup significantly in the coming years. The company plans to roll out Creta EV in the fourth quarter of this fiscal year and then the brand will go on to launch three more electric vehicles in the next few years.
The company is investing in building a localized supply chain for battery packs, powertrains, and battery cells, reducing dependency on imports and supporting domestic industries. HMIL’s focus on expanding EV charging infrastructure is crucial for addressing range anxiety and encouraging wider adoption of electric vehicles, this is one of the major reasons behind a few people being reluctant to opt for an EV.
As of now, it is not known what all-electric vehicles is Hyundai planning for the Indian market. If we would have to take a guess, then we would say that the brand will bring an affordable EV which will be priced around the Tata Punch. There is a possibility that there will be a premium electric vehicle eventually in the lineup. The brand currently only has two electric vehicles – Kona Electric and Ioniq 5.
The company’s planned investment of ₹32,000 crore over the next decade demonstrates its long-term commitment to the Indian market. HMIL says that they are looking forward to the festive season demand.
Hyundai Motor India proposes to open IPO
Hyundai Motor India will launch its IPO on October 15, 2024, aiming to raise ₹27,855 crore. The price band is set between ₹1,865 and ₹1,960 per share, with a minimum bid for seven shares. It is stated that the companywill offload up to 14,21,94,700 equity shares. The Equity Shares of our Company are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). The company recorded a strong net profit of ₹1,489.65 crore in Q2 2024.
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First Published Date: 10 Oct 2024, 11:27 AM IST
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