EV Sales to Surge: Hyundai COO Predicts 12-13% Market Penetration in 5 Years

Quick Summary

• Hyundai Motor India projects electric vehicle (EV) penetration in the domestic passenger vehicle segment to reach 12-13% over the next 4-5 years, driven by favorable policies and increasing competition from key OEMs like Tata Motors, Mahindra, and Maruti Suzuki.
• The company plans to enhance EV infrastructure by setting up 600 public fast-charging stations across India in seven years.
• Hyundai aims to introduce three new battery electric models while localizing production for components like battery cells and drivetrain.
• Current EV penetration stands at 2.5%; continuous growth is expected until 2030 as clarity improves on government support for EVs versus choice technologies such as hybrids.
• Sales of Hyundai’s Creta Electric have reached approximately 1,000 units per month since its launch earlier this year; the premium Ioniq 5 model is also available in India.
• SUV sales have surged-a trend expected to increase further-with Creta recording a growth of 20% year-on-year within this category. SUVs account for nearly 70% of Hyundai’s passenger vehicle sales share domestically.
• Production in Talegaon-based manufacturing facility (acquired from General Motors) is set to commence by Q3 FY25 fiscal year.

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Indian Opinion Analysis

Hyundai’s optimism regarding India’s EV market aligns with ongoing government initiatives that favor electrification alongside rising corporate competitiveness among leading automobile manufacturers such as Tata Motors and Maruti Suzuki entering the space actively this decade.

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