Hyundai is preparing to launch a new mass-market electric SUV, which is expected to be named the IONIQ P. The vehicle, currently carrying the internal codename HE1i, will be the first electric model produced by the company locally in India. The manufacturer plans to introduce this compact SUV to the Indian market in the fourth quarter of the 2027 fiscal year.
The new model is positioned as an entry-level electric SUV, sitting below the Creta Electric in the company's lineup. This launch is part of a broader strategy to expand Hyundai's presence in India, supported by a $15.5 billion investment planned through 2032. The funding covers the expansion of manufacturing capacity and the development of a local supply chain.
Hyundai aims to reach a total production capacity of 1.1 million units in India by 2030. While the company has not confirmed if the vehicle will be sold globally, it noted that India will serve as an important export hub. Currently, Hyundai already exports vehicles manufactured in India to markets including the UK, the Middle East, and parts of the Americas.
The company's growth strategy includes the introduction of 100 new or refreshed vehicles globally by 2030, with 26 of those models specifically targeted for the Indian market. In the third quarter, India stood out as Hyundai's fastest-growing market, with sales increasing by 9.5% to over 150 000 units, even as global sales saw a 10% year-over-year decline.
