The Indian electric vehicle (EV) market is poised for “strong and steady” growth through 2030 as companies increasingly shift focus to this segment, supported by robust government leadership, according to Mr. Unsoo Kim, managing director of Hyundai Motor India (HMIL).
Despite a recent 8% YoY decline in electric car sales, with only 5,874 units sold in September, HMIL’s chief operating officer, Mr. Tarun Garg, announced the upcoming launch of their first high-volume EV, the Creta EV, in the last quarter of the current financial year. He described it as a “big game changer” to boost consumer confidence in EV adoption.
In addition, HMIL plans to raise US$ 7.82 billion (Rs. 27,780 crore) through India’s largest-ever initial public offer (IPO), with bidding set for October 15 to 17. The company’s pre-IPO red herring prospectus indicates that royalty payments to the parent company, Hyundai Motor Corporation, account for 3.5% of its sales revenue, a rate that will remain stable unless OECD guidelines on transfer pricing change.
Mr. Unsoo Kim emphasized that the Indian EV market is still in its “early stage of electrification” and is expected to grow steadily, aided by government support and OEM focus. Mr. Tarun Garg highlighted Creta’s significant impact on the SUV market since its launch in 2015, noting that its share has risen from 13% to around 60%. He also stated that the slowdown in the Indian EV market should not be compared to global trends, as India still has considerable room for growth in electrification.
