Hyundai Ready to Launch 4 New EVs In India
The Korean automotive brand Hyundai is all set to launch four new EVs in the Indian electric vehicle market. The latest models will be manufactured at its Talegaon-based facility, which General Motors recently acquired in 2024. The company plans to make a grand entry into the Indian electric vehicle market with its four new models, and the plan was revealed ahead of its launch of the Hyundai IPO in India. With its Kona Electric launch in India, Hyundai has been the first OEM in India’s passenger vehicle market to enter the EV segment. Currently, Hyundai’s Ioniq 5 is the only working product in India.
The Hyundai Creta EV is the company’s first product in India and is scheduled to launch in January 2025, given the reason the test mules of the product have been spotted on many occasions. The new model is expected to rival other mid-size electric SUVs such as MG ZS EV, Tata Curvv EV, and BYD Atto3. It is also expected to rival models like Maruti Suzuki eVX and Mahindra BE.05. Hyundai Motor India also plans to invest around Rs. 32,000 crore in India in the upcoming period. It has decided to invest in its second manufacturing facility (Pune). The company’s current export ratio is at 80 to 20 in terms of volume, and it aims to grow its base in emerging markets like the Middle East, Africa, Asia, and Latin America.
India Electric Vehicle Market Size
As per Precedence Research’s detailed report, the India electric vehicle market size was USD 11.36 billion in 2024, calculated at USD 18.79 billion in 2025, and is anticipated to be worth around USD 1,053.10 billion by 2034. The Indian EV market is expanding at a double-digit CAGR of 57.3% from 2024 to 2034.
Multiple EV launches in India of foreign brands are possible due to the Indian Government providing subsidies to the automation sector. The increasing penetration of the EV market is the result of the implementation of Faster Adoption and Manufacturing of Hybrid Vehicles and Electric Vehicles in India (FAME India).
Indian Government Subsidies for Electric Vehicles
| State | Subsidy (Per KWh) | Maximum Subsidy | Discount on road tax |
| Maharashtra | ₹5,000 | ₹2,50,000 | 1 |
| Assam | ₹10,000 | ₹1,50,000 | 1 |
| Gujarat | ₹10,000 | ₹1,50,000 | 0.5 |
| West Bengal | ₹10,000 | ₹1,50,000 | 1 |
| Meghalaya | ₹4,000 | ₹60,000 | 1 |
| Bihar | ₹10,000 | ₹1,50,000 | 1 |
The new model will also rival the Tata Punch EV, given that it’s based on the born-electric E-GMP (K) platform. The company has planned to launch multiple EV models, which will include both mass and premium segments. With a smooth local supply chain network, the company will launch Creta EV in the fourth quarter of 2024 and has set a target to launch four new EVs in the upcoming years. Hyundai Motor India also announced the launch of its mega initial public offering (IPO) to raise Rs. 27,870 crore next week. The company aims to complete its EV production up to 26,000 units for Creta EVs and 65,000 units for Inster-based EVs. In addition, it has invested Rs 20,000 crore in EV development in India for the last eight years.
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