Gashi Motors News According to Reuters, South Korean automaker Hyundai Motor has long been the most successful foreign automaker in the Indian market.
The company hopes to regain market share from increasingly powerful local Indian rivals by launching a series of new SUVs.
Meanwhile, Hyundai Motor’s Indian subsidiary is preparing to go public, with its initial public offering (IPO) expected to raise nearly US$3 billion.
, Photo source: Hyundai Motor, three people familiar with the matter revealed that Hyundai Motor’s SUV offensive in the Indian market will start with the launch of the first Indian-made electric vehicle early next year.
It is reported that the company will launch its first electric SUV produced in India early next year, and plans to launch four more electric vehicles in India before 2030 to build India into an electric vehicle export center in South Asia.
Hyundai Motor also plans to launch at least two gasoline-powered models tailored for the Indian market starting in 2026.
One of the people familiar with the matter said that the two gasoline-powered SUVs are expected to add 120,000 vehicles to Hyundai Motor’s sales every year.
Industry data shows that in the last fiscal year, Hyundai Motor sold a total of 615,000 vehicles in India, 63% of which were SUVs, the rest were hatchbacks and sedans, and exported 163,000 vehicles from India.
As part of the company’s broad strategy to increase global sales by 30% by 2030, Hyundai Motor will also launch hybrid vehicles in India, aiming to help the company implement its plan to sell high-priced vehicles in the country to increase profit margins.
, According to draft IPO documents filed in June, between 2021 and 2023, Hyundai Motor’s market share of cars selling for at least US$18,000 in India (considered the high-end market in India) doubled to 15%.
, However, although Hyundai Motor’s sales in India hit a record high in the last fiscal year, its market share continues to shrink.
IPO documents show that Hyundai Motor currently has 8 SUVs in India’s 13-model portfolio, but in the last fiscal year, total SUV sales in India were 2.
5 million units, and Hyundai Motor’s SUV market share among them has dropped from three years ago.
24% dropped to 19%.
This also reduced Hyundai Motor’s overall market share in India to 14.
6% from 17.
5% four years ago.
In contrast, Tata Motors ‘market share almost tripled to 14% over the same period.
Hyundai Motors’ market share in India’s largest foreign competitor Toyota Motor also rose from 4% to 6% over the same period.
V G Ramakrishnan, managing partner of consulting firm Avanteum, said Hyundai Motor will need to maintain a good balance between market share and profit margins after listing in India, and if either of these declines, shareholders will question the company’s performance.
“Hyundai Motor’s main focus in India should be how to maintain market share, and the only way to achieve this goal is to accelerate product launches.
“, In response to the report, Hyundai Motor has not responded to requests for comment about its India plans.
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