Hyundai targets 20% share in India's EV market

Hyundai Motor India Ltd (HMIL) is targeting a market share of 20% in the EV space, the company said, adding that it has a positive outlook on growing EV penetration in India and is headed towards electrification with a “holistic approach”. 

“In the mid-to-long term, we believe that we can target 20% market share and Creta EV could be a very, very important product where we feel that 10% of the CRETA volumes should be by the Creta EV and that should really help us to get additional numbers in 2025 and beyond,” Tarun Garg, Whole-time Director & Chief Operating Officer, Hyundai Motor India said. 

Company’s MD Unsoo Kim added that the recently-launched Creta Electric starting at Rs 17.99 lakh will drive phenomenal success, build strong momentum and will be a game-changer in the EV landscape. “The positive response our recently launched Creta Electric has garnered from the market is a clear reflection of the trust and confidence our customers place in us. We believe that 10% of the CRETA volumes is a reasonable number to target for Creta EV. The current EV penetration has been 2.5%. We feel that 2025 and 26 will be triggers which will see the industry probably doubling in 2026,” he said. 

He added that the company is fostering sustainable mobility by setting up nearly 600 fast public EV chargers across the country in the next seven years. “As part of our dedicated efforts towards localisation and introducing locally sourced innovative technologies for the customers, HMIL became the first auto OEM in India to introduce made-in-India battery technology in our products,” he said. 

He said that Creta Electric will drive phenomenal success, build strong momentum, and will be a game-changer in the EV landscape. “With three more EVs planned in due time, we are ready to witness and contribute to the India EV growth story in the coming years,” he adds.