Ahmedabad: In a press meet here ahead of India’s laregst IPO till date, in reply to a question, Hyundai Motors Chief Operating Officer (COO) in India, Tarun Garg here said that the electric version of Creta will be launched by the company in quarter four of the financial year 2025 to target the mass market.

Speaking about Hyundai’s EV strategy, he said the company will launch innovative models backed by localization of the EV supply chain. He said the approach will be top-down with entry into high-end premium EVs (Ioniq 5), strong brands, and expedited penetration. He said the first local EV model (derivative) Creta EV will be out by quarter four of FY 2025. Launch of 3 dedicated EV models is targeted, he added. He said local battery pack assembly, local production capabilities for key parts, collaboration with local and global vendors, and the development of charging infrastructure in India are parts of the localization strategy of the company.

He said electrification is in the early stage and by this time, the company has understood the customers of EVs well.

About future plans of the company, he said 9 new models will be launched by the company. These upgrades and model changes will take place between January 23 to September 24. The company will have 1 million PV capacity once the Talegaon plant is fully operational. India will be the largest foreign base for HMC.

In replies to various questions, Garg, who has over 30 years of experience now in the automobile industry, said the Sports Utility Vehicles (SUV) contribution to total sales for Hyundai is between 67 to 68 percent not just in the urban market but also in rural. First-time buyers of SUVs have increased from 32% five years ago to 38% now. Earlier the first-time car buyer would look for price and fuel efficiency, but now they look for space, technology, safety, features, design, and technology. They don’t want to compromise. SUV sales, which were 25-26 percent five years ago, are now up at 52%. Disposable income is increasing, and road infrastructure is also getting better. People now want features like sunroofs and power steering. Earlier, the speed on highways would be 80 km/hr, which is now 100-120 km/hr, and therefore ADAS is proving to be a major function. It’s new emerging India, and it’s a clear indicator of how India is changing. DeshGujarat