Hyundai prepares to launch new EV in India after IPO listing today

Hyundai Motor has announced plans to launch the electric version of its popular Creta SUV in India by January 2025, following its record-breaking initial public offering (IPO) that raised $3.3 billion. The electric Creta will be manufactured at Hyundai’s Chennai plant, which has been operational since 1998. This new model is designed to cater to Indian families, featuring spacious seating for extended family units, high ground clearance, and in-car air purifiers, all aimed at addressing the country’s road and air conditions.

The South Korean automaker is making strategic moves in India’s rapidly growing automotive market, where it is currently the second-largest car brand with a 14.6% market share as of 2023, behind Maruti Suzuki. Hyundai’s Creta, Alcazar, and Exter SUVs accounted for 60% of its sales last year, with 220,000 units sold.

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In a recent meeting, Hyundai Motor Group Executive Chair, Mr. Euisun Chung, met with Prime Minister Narendra Modi to discuss future mobility solutions and Hyundai’s commitment to India. Mr. Chung also extended an invitation to the Prime Minister for the inauguration of Hyundai’s new manufacturing plant in Pune, Maharashtra. This new plant is expected to be a transformative investment for Hyundai Motor India Limited (HMIL) and aligns with India’s “Make in India” initiative, reinforcing Hyundai’s role as a key player in the country’s journey toward its “Viksit Bharat 2047” vision.