Hyundai recently announced its plans to launch the electric version of the popular Creta SUV in India, aiming to strengthen its competitiveness in the electric vehicle market. This announcement came after Hyundai Motor India Ltd. successfully completed a record-breaking $3.3 billion initial public offering (IPO). However, despite the stock being priced at ₹1,960 at the opening on the Bombay Stock Exchange, it quickly fell nearly 6%, dropping to ₹1,844.65. This development has garnered market attention, as investors are keenly anticipating the future performance of the new electric model.
Hyundai is making significant moves in India, one of the fastest-growing automotive markets globally, to maintain its position and continue expanding. The country has attracted the attention of numerous international car manufacturers, eager to tap into its potential. Currently, Hyundai ranks as the second-largest automotive brand in India, trailing only Maruti Suzuki. As of 2023, Hyundai holds a 14.6% share of the Indian automotive market.
Last year, Hyundai’s internal combustion engine models, including the Creta, Alcazar, and Exter SUVs, collectively sold 220,000 units in India, representing 60% of the company’s total sales in the region. This impressive performance underscores Hyundai’s strong presence and commitment to the Indian market as it prepares to launch the electric version of the popular Creta SUV, further solidifying its strategy in this competitive landscape.