Hyundai s Bold EV Push: Targeting 20% Market Share in India

Hyundai s Bold EV Push : Hyundai Motor India Ltd on Tuesday said it is targeting 20 per cent share in the domestic electric passenger vehicles segment in the mid to long term with its recently launched Creta EV. The Creta EV is also expected to capture 10 per cent of the overall sales of the popular SUV model Creta, which has surpassed sales of over 11 lakh units since its launch.

“Creta electric is the absolutely correct vehicle to stretch the limits of the electric SUV… With over 11 lakh Creta customers and the confidence it commanded, we believe nothing can carry the message of the new EV journey as well as Creta,” Hyundai Motor India Ltd (HMIL) Managing Director Unsoo Kim said in an earnings call.

The Creta EV is India’s first indigenously localised electric SUV from Hyundai, produced at its Chennai assembly plant. Most Popular News: HMIL is set to introduce three more EVs in the future, in addition to the Ioniq 5 and Kona. Commenting on the company’s mid to long-term strategy for the EV segment, HMIL Chief Operating Officer Tarun Garg said, “Definitely, our long-term plan is targeting market share in the EV space of 20 per cent. We are around 14 to 15 per cent in ICE (internal combustion engine) space.”

“In the mid to long term, we believe that we will be able to target that 20 per cent market share and Creta EV could be a very, very important product,” he further said. Tata Motors is currently the largest seller of electric PVs in the Indian market, with offerings that also includes the Tiago (ZIPTRON Platform). Ev, Punch. Ev, Nexon. Ev and Curvv. Ev.

Referring to the contribution of the EV version, on its best-selling SUV model Creta, Garg said, “We are seeing about 10 per cent of the Creta volume should be coming from the Creta EV and that should really help us to sort of get numbers in the 2025 kind of timeframe and we believe that 10 per cent of the Creta volumes are a reasonable number to kind of target in terms of larger EV penetration.” He also said the Creta EV has received really strong response since it was unveiled at the Bharat Mobility Global Expo earlier this month without disclosing specifics.

On the overall EV adoption, Garg said: “The current EV penetration is 2.5 per cent. We think 2025 and 2026 are the inflection points; and most likely industry will double by 2026.”

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