South Korean automaker, Hyundai, aims to invest roughly Rs.4,000 crore in India by 2028 to drive in around six electric vehicles.

Over the next few years, the company plans to release a mix of models based on its current lineup as well as wholly new cars built on its worldwide platform ‘E-GMP’.

Hyundai's plan to spend heavily in the EV field comes at a time when market leader Maruti Suzuki has stated that it will only release an electric vehicle in the local market if there is adequate customer demand, which may be as early as 2025. Tata Motors, which presently leads India's EV sales, has announced intentions to launch ten new electric vehicles within this time period.

The company has a 16-17 percent market share in the local passenger vehicle market, however the midsized Hyundai i20, Venue, and Creta are profitable. As the company wishes to devise affordable solutions specifically for Indian customers. Therefore, it strives to shed light on the mass-market for its EV product line, since it believes that this market comprises customers who prefer affordable vehicles both long-range and fast charging.

It aims to be cost-competitive while offering high technology vehicles that the customer can trust for their daily life and driving experiences. However, the company has a hunch that the OEM (Original Equipment Manufacturer) perspective may be unable to digest this.

On the other hand, the company realizes that subsidies are most important when it comes to scaling EVs for sale acquisition and thus, it is pondering upon solutions that could meet the Indian customer’s needs.

It believes that the government’s support is crucial as it travels further in this journey while it works on being more proactive and expects the same from the auto industry as well. Since there are a lot of countries that receive government subsidies that are not restricted to fleet operators alone, but to private customers as well.

The resources necessary to produce EVs are considered to be higher than those required to develop ICE automobiles. Therefore, Hyundai Motor India is investing approximately Rs 1,000 crore in the development of a new ICE car line.

Hyundai plans to manufacture three EVs on the Electric Global Modular Platform to save money, with the remaining vehicles being ICE variants.

"For EVs, the investment will be more. However, the volume isn't very large. In that sense, it will not be a viable business; we will lose a significant amount of money, which is not a desirable condition", according to the company.

Besides, the company says that it is already engaged on the look out for suitable partners for charging infrastructure and other associated operations.