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Hyundai Motor India accelerates in SUV market, eyes growth with IPO, EV expansion: COO Tarun Garg
Hyundai's SUVs accounted for 67 percent of the company's sales from January to September 2024
Hyundai's SUVs accounted for 67 percent of the company's sales from January to September 2024.
Hyundai Motor India has continued to witness growth in the SUV market, COO and Whole-Time Director Tarun Garg said in an interview with Storyboard18's sister publication CNBCTV18.com. Garg said that sports utility vehicles (SUVs) make up 70 percent of their sales.
The maker of Venue, Alacazar, and Creta among others, HMI has maintained its SUV market share at a steady 18 percent (approx), showing no sign of decline, Garg added.
Hyundai's SUVs accounted for 67 percent of the company's sales from January to September 2024. Garg said that in September alone, the figure rose to 70 percent. The automaker's rural penetration matches the 67 percent-mark, the COO told CNBC TV8.
HMI is set to make a debut in the Indian stock market this month. The 27,870 crore initial public offering (IPO) of the company opened for subscription on Monday 15 October and will conclude on October 17.
According to the COO, the IPO funds will aid in expanding the company's electric vehicle segment. Hyundai's Indian arm has planned three launches in the EV segment, he added.
Acknowledging competition with brands like Kia and others, Garg exuded confidence in Hyundai's position, citing the continued success of Creta. The model has sold around 15,000 units per month, positing double-digit growth.
HMI, established in May 1996, is a part of Hyundai Motor Group. The HMIL's vehicle lineup includes sedans, hatchbacks, SUVs, and electric vehicles (EVs), featuring models such as the Grand i10 NIOS, i20, i20 N Line, AURA, Elantra, Venue, Venue N Line, Verna, Creta, Creta N Line, Alcazar, Tucson, and the all-electric SUV Ioniq 5. As of December 31, 2023, HMIL had partnerships with 363 dealer companies for distribution and sales in India.
The price band of Hyundai Motor IPO is between Rs 1,865 and Rs 1,960 per share. The company's value is pegged at around Rs 1.6 lakh crore post-IPO.
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