Hyundai Motor is establishing a stable electric vehicle production line in India.

After investing approximately 1.1 trillion KRW in 2019 to establish an electric vehicle production line, Hyundai Motor has now opened an EV battery plant in India. This move is part of Hyundai's active participation in the Indian government's efforts to expand electric vehicle adoption.

According to industry sources on the 29th, Hyundai Motor has established and started operations at its electric vehicle battery plant in Chennai, India. This comes shortly after the launch of Hyundai's first locally produced electric vehicle in India, and it is expected to accelerate Hyundai's push into the Indian electric vehicle market.

The Indian electric vehicle market has been steadily growing, reaching approximately 1.53 million units in 2023. The Indian government is actively supporting the growth of the automobile market through policies to foster the eco-friendly vehicle industry. The government aims to increase the share of electric vehicle sales to 30% of total vehicle sales by 2030 and is pushing forward with a robust electrification policy.

Since 2024, the government has implemented a policy that includes investing at least $500 million in India and offering a substantial reduction in import tariffs for electric vehicles. Companies that produce electric vehicles within three years are eligible for a tariff cut to just 15%, down from the original 100%.

According to the German news website Electrive.com, Hyundai Motor's Chennai battery plant in India is jointly operated with Hyundai Mobis, a parts subsidiary of Hyundai Motor Group. The plant will produce battery packs for the first locally produced electric vehicle model, the Creta Electric.

Hyundai Motor's new Chennai plant is equipped with facilities capable of producing both lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) battery packs. The plant has an annual production capacity of up to 75,000 units, although it is currently not able to produce at full capacity. Hyundai plans to produce 24,000 units of the Creta Electric annually, and it is not expected to launch any other EV models before 2026.

Indian automotive magazine Autocar Professional reported that Hyundai Motor is receiving NMC battery cells from HLI Green Power, a joint venture between Hyundai Motor Group and LG Energy Solution in Indonesia. The report further explained that while Hyundai has not yet secured a local supply chain for NMC battery cells, it has signed a supply agreement for LFP battery cells with Indian battery manufacturer Exide Energy.

Meanwhile, Hyundai Motor Group sold a total of 853,000 units in the Indian market in 2024 (600,800 units by Hyundai and 245,000 units by Kia). With a market share of about 20%, they are the second-largest player in the Indian market, following Maruti Suzuki. Hyundai and Kia have set a target to sell a total of 914,000 units in India this year.

ChatGPT를 사용하여 번역한 기사입니다.