Hyundai Motors is gearing up for some major changes in their production and sales strategies, with a focus on expanding their capacity and presence in the electric vehicle (EV) market. The company’s executive, Garg, recently announced a nearly 30% increase in production capacity, highlighting their commitment to growth in both domestic and export markets.
One of the key elements of Hyundai’s expansion plan is their entry into the EV market. Currently holding a small market share in this segment, the company plans to launch the Creta EV in the near future to strengthen their position globally. This move is part of a larger strategy that includes introducing three more EV models and increasing localization efforts for components like battery packs and power electronics.
Garg emphasized the importance of partnering with local Indian suppliers for LFP cell manufacturing and other localization efforts, which will enhance Hyundai’s competitiveness in the EV space. He believes that this well-thought-out strategy will play a significant role in the electrification of the automotive market.
In addition to their EV plans, Hyundai is also focusing on expanding their SUV portfolio, with SUV sales expected to constitute 67-68% of their total sales this year. The introduction of the Creta EV will be a key opportunity for Hyundai to increase their market share in the EV sector and move beyond their current niche segment.
Looking ahead, Hyundai is committed to staying ahead of market trends by continually identifying opportunities for new product launches across various power ranges and body types. With their ambitious growth plans and strategic focus on EVs, Hyundai is poised to make a significant impact on the automotive industry in the coming years.
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