Hyundai Expects Creta EV To Boost Its Electric Vehicle Market

Hyundai Expects Creta EV To Boost Its Electric Vehicle Market

Automobile company Hyundai is now hopeful of good returns from its upcoming electric model of Creta. The top management of the company said that the launch of its Creta EV is likely to boost the growth of the firm in the electric mobility segment.

The company’s high hopes are pinged on the higher sales of its ICE-based Sports Utility Vehicles (SUV). It is also complemented by the growth of its electric vehicle segment. The top management of the firm in a recent investors call told its investors about its optimism towards its upcoming EV models.

“In the last quarter of this financial year, we will be launching our Creta EV for the mass market. We believe Creta EV could be a game changer in the Indian EV market. The construction activity at our Pune plant is progressing in full swing and the plant is expected to have start of vehicle production by third quarter of financial year 2026. We strongly believe that the Pune plant and the localization of our EV ecosystem will further enhance our arsenal and our competitiveness in the market,” Unsoo Kim, MD of Hyundai Motor India Limited said.

Kim also talked about the optimism of the firm towards EV production for the Indian market. Kim also said that the firm is also investing in other segments of electric mobility to boost its EV market share.

Proposed Launch Of 4 EV Models 

“As we earlier mentioned that we are planning to launch 4 EV models including the Creta EV and we are also localizing EV supply chain like the battery pack, drive train and the battery cell and also we are investing in EV infrastructure as well. So, with these kind of government strong incentive to customer and the PLI scheme to OEMs and our localization effort and our 4 EV models will lead the enormous volume. These kinds of things will help our profitability also,” Kim told investors.

Talking about its new Hyundai CRETA (ICE-based), the firm said that it continues to fulfill dreams of those seeking a contemporary and adventurous SUV, thus making India ‘Live the SUV life’.

Higher SUV Craze 

“Launched in January this year, this Undisputed, Ultimate SUV crossed the 1 lakh sales milestone in just six months since its launch, reaffirming its strong fan following in its segment. The new Creta has also won the ‘India’s Best Design Projects Award’ at ‘IBDA 2024’. The new Hyundai Creta was the top selling model across all segments in July ’24. It was also amongst the top three selling models in H1 FY’25,” KS Hariharan, Head (Investors Relations at the company said.

The company said that the strong performance of CRETA, VENUE and EXTER propelled HMIL to its highest ever monthly SUV contribution of 70% in September.