Hyundai Motor Company’s Global President and CEO José Muñoz said on Wednesday that India is on track to become one of the most competitive electric vehicle (EV) hubs in the world, backed by its growing technological depth, localisation push and favourable policy direction.
“Without a doubt, India not only could be, but is going to be definitely one of the most, if not the most, competitive EV hub in the world,” Muñoz said during Hyundai Motor India’s first-ever CEO Investment Day in Mumbai.
Muñoz said the transition to electric vehicles was being driven by technological superiority, not regulation.
“EV is happening because basically the performance of the vehicles is superior — in terms of dynamics, in terms of acceleration,” he said. “And as the technology evolves, for sure it’s going to be established as the leading technology.”
Localisation and Supply Chain Strength Key to India’s Rise
Hyundai’s global chief said that India’s ability to build a robust local supply chain will be critical to its emergence as an EV export base.
“If we set up a very strong local supply chain for EVs, with the best battery technology, the best safety, the best performance, the best quality… there is no doubt that India will be a top hub of EV globally,” he said.
He added that strong infrastructure and reliable electricity supply will be key to sustaining EV adoption.
“If the policy allows for India to provide enough power so that people can recharge the vehicles without a problem, I don’t think there is any doubt that India will be a top hub of EV globally,” Muñoz said.
Multi-Technology Path to Electrification
While Hyundai is doubling down on EVs, Muñoz said the company envisions a multi-technology approach to future mobility that blends electric, hybrid and extended-range solutions.
“We don’t see EVs as stand-alone, but we see it in combination with other technologies like REV, like hybrid or even plug in hybrid,” he noted.
Hyundai’s $5.4 Billion India Push
The remarks come as Hyundai announced a ₹45,000 crore ($5.4 billion) investment plan through FY2030 to expand its manufacturing footprint, introduce 26 new models, and launch its first locally manufactured EV SUV.
The company is set to introduce 5 EVs and 8 Hybrids. The company also plans to debut the Genesis brand in India as part of its long-term strategy to make the country its second-largest market globally and a key export and innovation hub for future mobility.
Muñoz summed up Hyundai’s confidence in India’s future role, saying: “EV is not a matter of political position… it’s about performance and innovation. And with the right ecosystem, India will be right at the centre of this transformation.”