Hyundai is considering introducing a new electric model to the Indian market. To date, the company has not achieved significant success in the electric vehicle segment. The company's latest electric model is the Creta Electric, but it is currently developing a more budget-friendly and accessible option for the Indian market.
This compact electric crossover, intended for India, has the codename HE1i. According to available data, its name may be Hyundai Ioniq P. The Ioniq brand is a global designation, and using it in a compact car could make the brand more reliable and accessible to consumers.
During a conference call following the third quarter of 2026, Hyundai discussed its regional products. During this discussion, Hyundai management announced that after the Bayon model, it might introduce the Ioniq P to the Indian market. It should be noted that the official name of this vehicle has not yet been announced.
Management also noted that the Ioniq P was not directly linked to the codename HE1i. This future product will provide consumers in the electric vehicle segment with a new and economical choice. It is projected that the growth of the electric passenger vehicle segment in India will reach 90 percent in the 2027 fiscal year.
The Hyundai car will be cheaper than the Creta Electric and will expand the brand's electric vehicle portfolio. The launch of this car could happen at the end of this year or the beginning of next year. Initially, the new car will use imported battery packs.
This year, the company plans to source battery packs from local partner Exide for the Indian market. However, Exide has notified that battery pack supplies under the Hyundai-Kia program will not begin this year. The company will introduce the car with local components later. To maintain a low price, Hyundai aims to use as many local components as possible, and the cost of this compact crossover could be below 10 lakh rupees.
