Hyundai is taking its EV ambitions to the next level and it will be visible in the coming years. The company is set to launch the Ioniq 5 tomorrow at the Auto Expo 2023. It will join Hyundai Kona electric in the Indian market. However, that is not just all. The South Korean brand is now reported to be working on an all-electric version of the popular Creta SUV.
Also Read: Hyundai Creta Facelift Could Launch by Mid 2023 in India – Price, Design, Features and More
Hyundai Creta electric SUV, under development, is likely to be unveiled at the Auto Expo 2025 followed by launch the same year, reported Autocar. The upcoming electric SUV is expected to be priced aggressively looking to take on the Nexon EV and the upcoming YY8 e-SUV from Maruti Suzuki. If reports are to be believed the Creta EV could be priced somewhere between Rs 15 to 30 lakh.
Hyundai eyes to pit the Creta Electric against Maruti Suzuki’s upcoming electric EV. The company is aiming for a modest 20,000-to-25,000-unit sales per annum for the domestic market, which is close to the numbers planned by Maruti Suzuki for the YY8 Electric SUV.
Hyundai’s manufacturing facility in Chennai reportedly has been witnessing a lot of repurposing activity to be ready to produce the upcoming EV. Hyundai Creta EV will be based on a modified version of the existing ICE platform as part of the company’s effort to expand its electric lineup in the Indian market. It will serve as a stepping stone towards the complete localization of the E-GMP platform, which will underpin all future EVs from Hyundai.
The company aims to introduce six EVs in India by 2028 and is reportedly spending close to $500 million (over Rs 4,000 crore). Hyundai expects the market for EVs to be $150 billion by 2030.
Hyundai will opt for a three-tiered approach for the expansion of its EV lineup in the Indian market. The first phase of this is the introduction of knocked-down kits or completely built-up imports like the Ioniq 5 and the Kona Electric. This will be followed by the stage where the company will develop an internal combustion engine platform-derived EV like the electric Creta. The final stage of the efforts will see a complete localization of the E-GMP platform, which will be used for India and global markets.
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