South Korea's Hyundai Motor Group plans to launch its first electric vehicle made in India in 2025, hoping to expand its influence in this emerging market dominated by Tata Motors.
Hyundai Motor Group said in a statement on Thursday that Hyundai will begin producing electric vehicles in India at the end of 2024 and will launch in 2025 along with Kia's electric vehicles in India, adding that five models will be launched by 2030.
The two brands said earlier this month that they will both use batteries manufactured by Exide Energy Solutions to power electric vehicles.
Hyundai also reiterated its target of producing 1 million vehicles per year by 2025, and said it will expand Kia's production capacity from the current approximately 300,000 vehicles to 432,000 vehicles. After the merger, production capacity will increase to 1.5 million vehicles.