IPO-bound Hyundai Motor to launch four EVs: Creta first by March: COO Garg

Hyundai Motor India looks to launch full electric vehicle (EV) models in both mass and premium segments with a localised supply chain, says Chief Operating Officer (COO) Tarun Garg in an interaction with Fortune India. The company has already announced the introduction of four EVs in India, starting with the Creator EV, which will be launched in the fourth quarter of the current financial year 2024-25 (Q4 FY25).

“The company is also developing the EV ecosystem, localising battery packs, and investing in drivetrain and power electronics. Also we are looking at investing in the charging infrastructure,” says Garg.

“Hyundai's parent company, Hyundai Motor Group (HMG), has a strong presence in the Indian auto market, offering access to various technologies such as battery electric vehicles, plug-in hybrids, strong hybrids, CNG control, diesel, and hydrogen,” he adds.

The auto major has proposed to invest around ₹32,000 crore for future initiatives, including in EV, over the next ten years. It plans to invest ₹26,000 crore in its Chennai plant and ₹6,000 crore in its Pune plant till 2032.