EV Sales Poised to Hit 12-13% Market Share in 5 Years: Hyundai COO

Quick Summary

• Hyundai Motor India projects electric vehicle (EV) penetration in India’s passenger vehicle segment will rise too 12-13% over the next 4-5 years, driven by favorable policies and increasing OEM participation.
• The company plans to establish 600 public fast-charging stations across india within seven years.
• Hyundai aims for local production of EV components, including battery packs and drive trains, to enhance price competitiveness.
• Three new battery-electric models are set for introduction alongside efforts to expand charging infrastructure and localize supply chains.
• current EV penetration stands at around 2.5%, with expectations of steady growth until 2030.
• SUV sales continue to dominate Hyundai’s portfolio with increasing penetration; Creta emerged as the top-selling model in march with over 18,000 units sold.
• Hyundai’s manufacturing facility in Talegaon, Pune is expected to commence production by Q3 FY25 after acquisition from General Motors.

Indian Opinion Analysis

The projected growth of EVs in India signals a pivotal shift towards enduring mobility. Favorable government policies combined with market investment by major OEMs like Tata Motors and Maruti Suzuki could elevate consumer confidence around electric vehicles. Hyundai’s aggressive stance on building charging infrastructure through the setup of fast-charging stations addresses one major obstacle that has stymied EV adoption-accessibility.

Moreover, the focus on localizing manufacturing processes can bolster India’s position as a global hub for automotive innovation while simultaneously reducing costs for consumers-a key enabler considering price sensitivity among Indian buyers.Aside from EV expansion plans, SUV dominance underscores evolving customer preferences favoring utility-connected designs amidst urbanization trends. Though, given uncertainties highlighted by market conditions this quarter-low single-digit sales growth projections appear prudent.

India’s transition into an electrified future aligns deeply not only with sustainability goals but also promises stronger economic prospects through job creation in manufacturing hubs like Talegaon.

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