Home Architecture Hyundai Planning to Invest USD 2.4 Billion in EV Market, Will Give...

Hyundai Planning to Invest USD 2.4 Billion in EV Market, Will Give Competition to Tata Motors

In the last few years, sales of electric vehicles (EV) have grown rapidly. To increase its share in this market, South Korean automobile company Hyundai has planned to make a big investment. The company’s unit in the country is also bringing an initial public offering (IPO) of $3.5 billion. Hyundai’s shares may be listed in September.

After Maruti Suzuki in the country’s automobile market Hyundai is in second place. EV Tata Motors and Mahindra & Mahindra have invested heavily in this segment. According to a Bloomberg report, Hyundai plans to invest about $2.4 billion to increase its market share. The company is also planning to start its second plant next year. This will help Hyundai meet the demand for EVs and other vehicles.

Preparations are being made to launch the electric version of the company’s SUV Creta, which sells in large numbers. Earlier, Hyundai has discontinued its first electric vehicle Kona in the country. Hyundai has removed Kona Electric from its website. It was not updated since its launch. Its sales were also weak and the main reason for this was its old design. The company has said that it will launch its new electric vehicle early next year. This will be the electric version of Creta. Hyundai plans to launch four EVs in the country. Recently, Creta’s sales crossed 10 lakh units. The company’s first SUV in the country was launched almost nine years ago. Despite many models being launched in this segment, Creta has received a good response.

Hyundai also plans to create a local supply chain for important components of EV. South Korea’s Hyundai Motor Group includes Hyundai Motor and Kia. Hyundai and Kia aim to launch hybrid SUVs in 2026 or 2027. Last month, the company submitted documents for IPO with market regulator SEBI. The company had said that 17.5 percent stake would be sold in it.

Latest Tech News, Smartphone Review And popular Mobile Gadgets 360 for exclusive offers on Android Download the app and let us know Google News Follow on.

Related news

RELATED ARTICLES

BSNL 365 Days Validity Plan Offers Daily 3GB Data Unlimited Calling Other Benefits

Government-owned telecom company BSNL offers many plans with a validity of one year. If you are looking for a prepaid plan with a validity...

Vivo T3 Ultra Microsite live on Flipkart Revealed Specifications Design

Vivo is going to launch Vivo T3 Ultra in the Indian market in September. Before the launch, the Ultra model has been spotted on...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

BSNL 365 Days Validity Plan Offers Daily 3GB Data Unlimited Calling Other Benefits

Government-owned telecom company BSNL offers many plans with a validity of one year. If you are looking for a prepaid plan with a validity...

Vivo T3 Ultra Microsite live on Flipkart Revealed Specifications Design

Vivo is going to launch Vivo T3 Ultra in the Indian market in September. Before the launch, the Ultra model has been spotted on...

Citroen Launches C3 Aircross in India, To Compete with Hyundai Creta, Kia Seltos, Price, Specifications

French automobile maker Citroen has launched the new SUV C3 Aircross in India. Its price is Rs 9.99 lakh to Rs 12.10 lakh...

Recent Comments