Hyundai may launch sub-Rs 10 lakh electric SUV, reportedly called Ioniq P, by early 2027

Many people consider buying an electric vehicle when they see petrol prices but hold back because of the high cost. With this in mind, Hyundai is preparing to launch its most affordable electric SUV yet in India.

The vehicle is reportedly being called Ioniq P. It is said to be cheaper than the Creta Electric. If it does come in under Rs 10 lakh, buying an EV would become easier for ordinary buyers.

Hyundai's electric line-up in India is not long at present. The only model is the Creta Electric, which arrived recently. The company therefore wants to bring a small, affordable vehicle that suits as many budgets as possible. Internally the vehicle has been given the codename HE1i, while reports outside the company call it Ioniq P.

Ioniq is the name Hyundai reserves for its electric vehicles and it has a good reputation worldwide. The company appears to plan to give the small vehicle the same name to build buyers' trust.

The matter came up during Hyundai's earnings conference call for the third quarter of 2026. Company officials said there that the Ioniq P could be launched after the Bayon. However, the company has not yet announced an official name. It has also not directly said that HE1i and Ioniq P are the same vehicle. This is currently known only from reports in the market.

Price is the biggest question. A vehicle under Rs 10 lakh would stir the market. Even the cheapest electric vehicles at present start at Rs 8-9 lakh. If Hyundai offers a good SUV for under Rs 10 lakh, it would be a good option for middle-class families. According to experts, electric vehicle sales in India could grow by up to 90% in FY2027. Bringing an affordable vehicle at such a time would benefit Hyundai considerably.

On batteries, Hyundai will initially import battery cells for the vehicle. It plans later to source batteries in India from Exide. Exide has said, however, that battery supply under the Hyundai-Kia plan will not begin immediately this year.

The company will therefore first launch the vehicle with imported batteries and gradually begin making all parts in India, a process known as localisation. The more parts are made in India, the lower the price can be kept. This is why an effort is being made to price it under Rs 10 lakh.

The vehicle could be launched at the end of this year, in December 2026, or at the start of the new year, in January-February 2027. Hyundai is now entering the electric race in full force. It began with the Creta Electric and now wants to take EVs to ordinary customers through an affordable vehicle such as the Ioniq P. The actual price, features and launch date will have to await an official announcement from the company.