Hyundai Motor India expects electric vehicles to account for around 7–8% of its overall sales by FY28, as the automaker prepares to introduce new models in the electric vehicle segment.
The company’s current EV contribution stands at around 1% of its total sales, with the Creta Electric and Ioniq 5 currently forming part of its EV portfolio.
Hyundai is also preparing to enter the sub-four-metre EV segment with a new dedicated electric model. The upcoming vehicle is expected to provide an additional growth opportunity for the company in India’s expanding EV market.
The company has also been strengthening its charging ecosystem. Hyundai has already deployed 180 DC fast chargers and has brought forward its target for expanding the network to 2030.
According to Hyundai Motor India MD & CEO Tarun Garg, the company expects EVs to contribute around 7–8% of its sales in the next financial year, broadly in line with the expected industry contribution.
Hyundai expects the factors influencing EV purchases to evolve as the market develops. While range and price remain important considerations today, the company expects technology, software-defined vehicle capabilities, safety, design and driving experience to gain greater importance.
As part of its broader powertrain strategy, Hyundai expects EVs, hybrids and CNG vehicles to collectively account for around 50% of its sales by 2030, with the three technologies contributing broadly equally.
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