The Indian electric vehicle market will continue to grow steadily and strongly till 2030, according to Unsoo Kim, MD of Hyundai Motor India, he said in an interview, as a recent record decline in electric car sales had the trend slid by 8% YoY to 5,874 units during September, as per FADA.
Hyundai’s first high-volume EV, Creta EV, will be launched in the last quarter of the current financial year, said Tarun Garg, Chief Operating Officer of the company. He asserted that this model would be a game changer and would churn out a lot of difference in the EV segment in India.” We believe that a high-volume EV from Hyundai will boost consumer confidence in the viability of electric vehicles,” he stated.
HMIL recently announced its biggest IPO plan ever, at Rs 27,780 crore. Sources claimed that it has opened its IPO for a three-day bidding process from 15 October till 17 October. The pre-IPO red herring prospectus filed by the company hints that the royalty paid by HMIL to its parent firm Hyundai Motor Corporation (HMC) stands at 3.5% of sales revenue. Chief Financial Officer Wangdo Hur noted that such a level will continue to be maintained in the near future, depending on conditions dictated by changes within OECD guidelines on transfer pricing.
The Indian EV market is still in the early stages of electrification, though he remained optimistic about the support coming through from the government, as well as the growing emphasis by original equipment manufacturers. “With access to global battery technologies, we are creating a comprehensive EV ecosystem and will be launching four new models, including the Creta EV, he stated.
Electrification in India is currently at a relatively low level, and the only direction we can go is upwards, said Garg. Although the Indian EV market has seen some slowdowns, it cannot be compared directly to global trends, which witness penetration at a much higher scale.
