Hyundai Hints at IONIQ P as Name for New Mass-Market EV in India

Hyundai has reportedly hinted at naming its upcoming mass-market electric SUV the IONIQ P, as the company continues to expand its presence in the rapidly growing Indian automotive sector. According to several outlets, the vehicle, codenamed HE1i, is part of Hyundai's IONIQ EV lineup and is expected to be positioned as a smaller, lower-priced alternative to the existing Creta Electric model ¹.

This move comes as Hyundai seeks to solidify its position in India, which has become the automaker's fastest-growing market, experiencing a 9.5% increase in sales in the third quarter of fiscal year 2027 ¹. With ambitious goals to produce 1.1 million units in India by 2030 and plans to invest $15.5 billion in the country by 2032, Hyundai is looking to capitalize on the burgeoning demand for electric vehicles in the region ¹.

The IONIQ P is also notable for being the first electric SUV produced locally in India by Hyundai, marking a significant step towards the company’s local manufacturing strategy ¹. This development aligns with Hyundai's broader vision for the Indian market, where it aims to establish itself as a leader in both traditional and electric vehicle segments.

In contrast to the robust growth in India, the US market for electric vehicles has shown signs of cooling down. Over the first three quarters of 2026, sales of electric vehicles in the United States decreased by 30%, influenced by the elimination of federal tax credits in 2025 and a shift in consumer preferences towards more affordable hybrid models ². Despite this dip, the Tesla Model Y maintained its status as the leading EV in American sales, with only a 1% drop in total units sold to 106,962 ².

Other notable trends in the US market include a significant decrease in sales for the Hyundai Ioniq 5, which saw a 52.8% reduction in Q3 2026, while the Toyota bZ experienced a boost due to recent model year updates ². Additionally, Rivian's rise from the tenth to the second spot in EV brand rankings highlights the competitive nature of the market, alongside the notable drops in sales for the Chevrolet Equinox EV, Ford Mustang Mach-E, Nissan Leaf, and Volkswagen ID.4 ².

While the US market for electric vehicles may be experiencing some turbulence, the global landscape shows promise for continued growth. In China, for instance, EVs accounted for 53% of all car sales in 2025, compared to just 10% in the US, indicating a vast potential for expansion in other regions ².

What we know

• - Hyundai is planning to launch a new mass-market electric SUV in India ¹
• - The new electric SUV is expected to be named IONIQ P ¹
• - The vehicle is codenamed HE1i and is part of Hyundai's IONIQ EV lineup ¹
• - The IONIQ P will be positioned as a smaller, lower-priced electric SUV compared to the Creta Electric ¹
• - Hyundai's Managing Director for India mentioned the upcoming dedicated mass-market EV during a Q4 FY27 launch ¹
• - The IONIQ P was first seen near Hyundai's plant in Chennai, India ¹
• - Hyundai aims to produce 1.1 million units in India by 2030 ¹
• - India is Hyundai's fastest-growing market with a 9.5% increase in sales in Q3 ¹
• - Hyundai plans to invest $15.5 billion in India by 2032 ¹
• - The IONIQ P will be the first electric SUV produced locally in India by Hyundai ¹
• - Sales of electric vehicles in the US decreased by 30% over the first three quarters of 2026 ²
• - Federal tax credit elimination in 2025 and buyer preference for more affordable hybrids contributed to lower EV demand ²
• - Tesla Model Y is the leading EV in American sales ²
• - Hyundai Ioniq 5 and Toyota bZ are among the top five EV sellers in the US ²
• - Model Y sales dropped by only 1% in 2026, totaling 106,962 units ²
• - Hyundai Ioniq 5 sales decreased by 52.8% in Q3 2026 ²
• - Toyota bZ sales increased significantly due to updates in 2026 model year ²
• - Rivian moved up from 10th to 2nd place in EV brand rankings ²
• - Chevrolet Equinox EV, Ford Mustang Mach-E, Nissan Leaf, and Volkswagen ID.4 saw significant drops in sales ²
• - EVs made up 10% of US car sales in 2025, compared to 53% in China ²
• - Toyota and Subaru showed notable growth in EV sales in 2026 ²