Hyundai, Kia on track to sell 1L EVs by October-end
Hyundai and its subsidiary Kia Motors, are on track to exceed a major milestone of selling more than 100,000 electric vehicles (EVs) by the end of October. The prediction comes from the latest data provided by the companies, which shows a combined sales figure of 91,348 units from January to September this year. This marks a massive growth of 30.3% over the same period in 2023.
Hyundai and Kia witness significant growth
The data reveals that Hyundai's EV sales have grown by 4.5% YoY, totaling 48,297 units. On the other hand, Kia has witnessed a more dramatic surge with an impressive 80.3% growth in its EV sales, totaling 43,051 units. Market analysts expect the combined EV sales of these two South Korean automakers to not only cross the 100,000 mark this month, but also hit around 120,000 units by the end of the year.
Hyundai India announces expansion plans
In related news, Hyundai Motor India has also announced plans to expand its EV range in both mass and premium segments. The expansion will be backed by a localized supply chain, with the electric version of the popular Creta SUV launching in Q4 of this fiscal year. Four more EV models are also planned for release in the coming years. Unsoo Kim, Managing Director of Hyundai Motor India, made the announcement during a roadshow ahead of the company's IPO.
IPO and future EV market growth
Kim was optimistic about the future of the EV market in India, noting that it is still in its infancy. He expects strong growth in this space by 2030, fueled by government initiatives and greater attention from automakers. To facilitate this growth, Hyundai is gearing up for its IPO on October 15 with plans to raise ₹27,870 crore. The money raised will be used to develop localized supply chains for critical EV components like battery packs and powertrains.
Hyundai India's COO outlines ambitious EV roadmap
Hyundai Motor India's Chief Operating Officer, Tarun Garg, has detailed the company's ambitious EV roadmap. He said that after launching the Creta EV, three more models will be launched to further boost their EV sales. The plan is in line with the firm's commitment to hybrid vehicles, a segment it has led in India since 1998. Kim said Hyundai's access to advanced technologies puts it in a good position to meet diverse customer demands in the evolving automotive market.
