CHENNAI: Hyundai aims to gain market share in the country by strengthening its electric vehicle (EV) portfolio, with the company set to roll out five EV models by 2032 and increase charging infrastructure. It plans to increase its charging stations to 439 by tapping its sales network.
Hyundai Group’s executive Chair Euisun Chung during his India trip emphasized electric vehicle development specific to the Indian market, establishing a supply chain ecosystem for EV manufacturing. He visited a research and development centre in Hyderabad and a manufacturing facility in Chennai. He discussed mid to long-term growth strategy for India and considered reorganization of the automotive value chain, according to a release from the company.
“The Group will build an optimal production system to efficiently support vehicle production in the mid-to-long-term and create a sustainable EV ecosystem to drive growth as a leading electrification brand,” it said. Hyundai Motor also aims to strengthen its position in the SUV line-up.
Chung on Tuesday met Tamil Nadu Chief Minister MK Stalin and discussed collaborative initiatives, including building EV ecosystems The company has earlier signed a memorandum of understanding to invest Rs 20,000 crores for developing electric vehicle manufacturing, setting up supply chain, and modernisation of plants.