According to Tarun Garg, COO of Hyundai Motor India, the company’s profit margins and sales volumes would increase with the launch of four new models and their localization.
Hyundai Motor India (HMI) wants to increase its market share in the electric vehicle (EV) industry after going public. It plans to achieve a 15% market share with the help of new products and a robust local sourcing strategy. The second-largest automobile maker in India, HMI, just debuted on the stock exchange, making it the largest IPO in the nation to date. It surpassed the IPO of Life Insurance Corp. two years prior.
Hyundai upcoming EV launch
Hyundai Motor India’s COO, Tarun Garg, expressed confidence in replicating their internal combustion engine (ICE) market share in the EV sector. He mentioned that the introduction of four new electric models, coupled with increased local production, will boost both sales and profitability. Garg emphasized that company strategy includes adapting to market demands and launching new EV models such as the much-anticipated Creta Electric. This launch is expected to significantly enhance market share, helping it compete in the mainstream EV segment. While the IONIQ 5 sets a high standard in its niche, the upcoming Creta Electric and other EV models aim to capture a broader market segment through extensive supply chain localisation, including battery production and charging infrastructure.
Currently, India’s EV market is led by Tata Motors, holding over 65% share, followed by MG Motors JSW MG Motor India and Mahindra. Despite Hyundai’s modest market presence, their ambitious targets suggest potential shifts in market dynamics soon. Unsoo Kim, the managing director of HMI, acknowledged the difficulties but maintained hope for the development of EVs in India, where market penetration is now just around 2%, in contrast to greater rates in the US, Korea, Europe, and China. Through the introduction of four EV models and the expansion of domestic production capacity, Kim emphasized dedication to creating an EV ecosystem in India.
Garg reflected on Hyundai’s 2019 debut into the Indian EV market with the Kona and the insights gleaned from consumer behavior, which have guided their increased attention to localizing battery production and DC charging infrastructure. As the automotive industry in India changes, Hyundai is not only concentrating on electric powertrains but also accommodating a variety of consumer demands, such as compressed natural gas (CNG) and flex-fuel vehicles. Kim and Garg reaffirmed Hyundai’s willingness to adjust to market demands, stressing Hyundai’s all-encompassing plan towards complete electrification and the continued significance of CNG in entry-level vehicles.
