Hyundai Motor India Targets 20% Share in Domestic Electric PV Market for Mid-to-Long Term

Hyundai Motor India Ltd on Tuesday said it is looking at 20 per cent share in the domestic electric passenger vehicles market in the mid to long term on the back of its newly launched Creta EV. The company also expects the Creta EV to account for 10 per cent of the total sales of its popular SUV model Creta which has sold over 11 lakh units so far.

"Creta electric is ready to push the boundaries over what the electric SUV can offer... With more than 1.1 million Creta customers and the trust it has, we believe no other vehicle than the Creta can pull the message to begin the EV journey," Hyundai Motor India Ltd (HMIL) Managing Director Unsoo Kim said in an earnings call.

Creta EV is the company's first localised electric SUV in India manufactured at its Chennai plant. HMIL plans to bring three more EVs in India in future.

Commenting on the company's mid to long-term plans for the EV segment, HMIL Chief Operating Officer Tarun Garg said, "Our long-term plan is definitely to target a market share of 20 per cent in the EV space. We have about 14 to 15 per cent in the ICE (internal combustion engine) space." He further said, "In the mid to long term, we believe that we can target 20 per cent market share and Creta EV could be a very, very important product." At present, Tata Motors is the market leader in the Indian electric PV market with a range of models, including Tiago.ev, Punch.ev, Nexon.ev and Curvv.ev.

On the contribution of the EV version to the company's best-selling SUV model Creta, Garg said, "We see that 10 per cent of the Creta volume should be by the Creta EV and that should really help us to kind of get additional numbers in 2025...We believe that 10 per cent of the Creta volumes is a reasonable number to target for greater EV penetration." Since it was launched at the Bharat Mobility Global Expo earlier this month, he said the Creta EV has received very strong response without sharing details.

On the overall EV adoption, Garg said, "The current EV penetration is 2.5 per cent. We feel that 2025 and 2026 will be triggers and probably the industry will double in 2026."