Hyundai prepares to launch new EV in India after record IPO

Over the weekend, Hyundai Motor announced plans to launch the electric version of the Creta vehicle in India, a popular SUV in the country. The South Korean automaker’s announcement came after its record initial public offering, which reached $3.3 billion. 

Hyundai Motor will launch its all-electric Creta SUV by January 2025. It will be produced by Hyundai’s manufacturing plant in Chennai, southern India. The Chennai plans have been operating since 1998. The legacy automaker believes the electrified Creta SUV is a perfect fit for families in India. 

“The small-sized SUV is designed with roomy passenger seats to accommodate India’s extended family culture. It also features high ground clearance and in-car air purifiers, making it well-suited for a ride in the country’s often poor road and air conditions,” noted Hyundai. 

The South Korean automaker is making big moves in one of the world’s fast-growing automotive markets. India has caught the eye of several international automakers, including Chinese car makers like BYD. Hyundai has taken steps to keep its standing in the Indian automarket and continue to grow in the space. 

Hyundai is the second-largest car brand in India, behind Maruti Suzuki. As of 2023, the company has a 14.6% market share in India’s auto market. The Creta internal combustion engine vehicles, Alcazar, and Exter SUVs made up 60% of Hyundai’s sales last year, with 220,000 units sold.

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