Hyundai Motor India will invest ₹4,000 crore to launch half a dozen electric vehicles (EV) by 2028 in a series of targeted product interventions, underscoring increasing consumer preference in the country for mobility solutions of the future. The first of these products, eventually covering both mass and premium segments, will hit Indian roads as early as next year, reports The Economic Times.

Hyundai Motor India managing director SS Kim told ET that high-speed electrification of the automotive sector has become a reality, with the share of EVs rising to as high as a fifth of the total in several markets.

"I think India might be having the same situation in the near future," said Kim. "Our six battery EVs will cover various segments. Our future electric vehicle business should outperform... existing performance in the general (internal combustion engine) market."

Read: Fair Technology begins journey with Hyundai

Hyundai's decision to invest significantly in the EV space comes at a time when market leader Maruti Suzuki NSE 1.30 % has said it will introduce an electric vehicle in the local market only when there is sufficient customer demand - possibly by 2025. Tata Motors, which currently leads the EV sales tally in India, has outlined plans to introduce 10 new electric vehicles in this period.

Hyundai has a share of 16-17% in the local passenger vehicle market, but scores high on profitability with the midsized Hyundai i20, Venue and Creta.

Kim said EVs are not mass products in mature markets.