Hyundai Motor Company is planning to set up an electric vehicle (EV) manufacturing plant in India in the latter half of 2018. The plant is expected to be a complete knock down (CKD) assembly plant.
The Indian government is planning to ban the sale of non-EVs by 2030. At the same time, it is going to build 1,000 EV charging stations in Delhi. Under the circumstances, a number of automakers are increasing their investment in the Indian EV market. For example, Tata Motors is preparing to release the Tiago EV and Mahindra & Mahindra is planning to invest US$94 million for EV development. Toyota and Suzuki are looking to build a lithium ion battery manufacturing plant in India, too.
According to industry sources, a total of 4.83 million cars are estimated to be sold in India in 2020. Then, it becomes the third-largest car market in the world behind China and the United States. Last year, 4.17 million and 3.37 million cars were produced and sold there, respectively.
Hyundai Motor Company is currently the second-largest automaker in the Indian market in terms of market share and its sales volume in the market is expected to reach a new high this year. It sold 476,001 cars in India last year and its sales volume for this year is estimated to be more than 500,000.