TL;DR
Hyundai India expects its EV sales contribution to surge eight-fold to 7-8% by next fiscal year, fueled by new EV launches and a focus on rural markets.
Hyundai Motor India Limited (HMIL) projects an eight-fold increase in its electric vehicle (EV) sales contribution, aiming for 7-8% of its total sales by the next fiscal year. This ambitious target is driven by the introduction of a new compact electric SUV, specifically developed for the Indian market, alongside the existing Creta Electric and Ioniq 5 models.
Tarun Garg, MD & CEO of Hyundai Motor India, stated that the company expects its EV penetration to align closely with the overall industry level within the next 12 months. This growth is also bolstered by a focus on rural markets and new SUV launches across its portfolio.
Currently, Hyundai's EV penetration in India stands at approximately 1%. The Creta Electric has reportedly seen a significant uptake, with monthly sales increasing to around 1,000 units in August from 400-500 units previously. The company is expanding its rural presence, with six out of every ten new outlets being established in these areas to deepen its market reach.
