Hyundai Predicts ‘Strong & Steady’ Indian EV Market Growth Until 2030

Hyundai Motor India’s managing director (MD) Unsoo Kim has predicted the ‘strong and steady’ growth in Indian Electric Vehicle (EV) market until 2030. Kim said that the robust government support and focus of several companies on the local market will add fuel to the growth.

Kim noted that Indian is in early stage of ‘electrification’. “We believe that the Indian EV market is expected to grow strongly and steadily by 2030, mostly led by the government’s strong leadership and many OEMs’ focus on this segment,” said Kim. “Hyundai Motor India Limited (HMIL) has access to global battery technologies, so we are developing an EV ecosystem,” Kim added.

This optimism comes at a time when electric car sales in India have been declining. Notably, In September 2024, 5,874 EVs were sold, according to the data of Federation of Automobile Dealers Associations (FADA). This was an 8% decline year-on-year (YoY) basis.

Hyundai: All Eyes On IPO

Hyundai Motor India is set to bring India’s largest-ever IPO. The company aims to raise Rs 27,870 crore (around $3.3 billion) through this IPO. The company’s IPO will be an offer for sale (OFS) deal of 14.2 crore shares. Parent Hyundai Motor Corporation (HMC) will offload its stake in the company for the offering.

This will bring HMC’s stake in the company from 100% to 82.5%. The company shall further reduce its stake to 75% in the next few years to comply with regulatory rules. Hyundai India has pledged investments worth around Rs 32,000 crore for India till 2032, according to the carmaker’s IPO papers.

According to several media reports, Hyundai Motor India’s shares are expected to begin trading on October 22 in the Indian stock markets.