The $530 million investment will bring six Hyundai EVs to India by 2028.
This is a big move, as Hyundai is India’s second-largest carmaker. The planned launch will include affordable and premium electric models, including sport utility vehicles and sedans.
The first Hyundai EV in India is planned to launch in 2022.
The funding will cover research and development to launch six new EVs, according to a report by Reuters. It is unclear if they will be copies of current Hyundai models or Indian-specific launches.
Hyundai will build the EVs on one of two platforms. Either the electric global modular platform (E-GMP) or a modified platform for existing internal combustion engine vehicles.
The difference between the two is that those made on the electric platform could range up to 800 km, while those built on the modified platform range will be around 350 km to 400 km.
This launch comes as other automakers are starting to push for the Indian market. Tesla, BMW and others are still on the cusp of entering India, which could make for a competitive market.
However, the Indian market is not new to Hyundai in terms of EVs.
The company launched the 2019 Kona EV in India, but sales were tepid due to a high price and limited EV infrastructure.