South Korean automaker Hyundai is introducing a new mass-market “Creta EV” in one of the fastest-growing electric vehicle markets.
New Hyundai Creta EV is launching in India
The Hyundai Creta EV is expected to be revealed in India by the end of next year. According to Autocar India, the new EV is set to take on the country’s rapidly growing mass-market EV segment.
Hyundai was a pioneer in India, launching the IONIQ 5 and Kona EV, but those are both considered premium. That’s going to change over the next two years.
As per the report, the Hyundai Creta EV will feature a 45 kWh battery pack from LG Chem. The EV will ride on a modified platform shared with the gas-powered model.
Other sources say the new EV will share a platform with the new Kona Electric, which is available globally.
The new EV will take on rivals, including MG’s ZS EV and the upcoming Maruti eVX. Both models feature bigger batteries with 50.3 kWh and 48 kWh, respectively. Meanwhile, it will top bestselling Tata Motors’ Nexon EV with a 40.5 kWh battery.
More details on the new EV are expected by the end of next year. A global debut and prices are expected in early 2025.
The news comes amid India’s government announcing it wants to be an EV leader by 2030.
Kamran Rizvi, secretary of the Ministry of Heavy Industries, said, “India will be a global giant in all sectors of electric vehicles (EVs) by 2030.”
City Dwellers’s Take
India’s EV market is one of the fastest-growing globally. Although over 90% of the over one million EV owners in India are two- or three-wheelers (such as e-bikes, scooters, and rickshaws), a mass-market EV makes sense for Hyundai.
While many countries like China and the UK are pulling back incentives, India continues to push for EVs.
Electric vehicle sales more than doubled to over 75,000 through the first nine months of the year. Although EV share remains small at 2.4%, about 86% of sales were EVs under $20,000.
A cheaper, mass-market electric car would round off Hyundai’s EV offerings in the region. The Hyundai Creta EV is expected to do just that.
Last month, Hyundai announced it delivered its 1,100th Hyundai IONIQ electric SUV in India as it expands the brand.
Meanwhile, Hyundai isn’t the only automaker looking to invest in India. Tesla CEO Elon Musk said it’s “quite likely” the EV leader will make a big investment in the country. A Bloomberg report suggested Tesla was closing in on a $2 billion factory last month.
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