Hyundai Motor, is gearing up to launch a series of new sports utility vehicle in the Indian market. This strategic move is aimed at reclaiming its market share and comes in anticipation of the company’s $3 billion (around ₹25,169 crore) public listing in India.

What Happened: Hyundai’s SUV rollout in India will kick off with its first locally manufactured electric vehicle (EV) in early 2025, Reuters reported. This will be followed by the launch of at least two petrol-powered models from 2026. This strategy is being executed in conjunction with Hyundai’s first-ever listing outside its home country, South Korea.

Hyundai, which has been the second-largest auto seller in India after Maruti Suzuki, has been facing stiff competition from domestic rivals Tata Motors and Mahindra & Mahindra. These companies have been steadily eroding Hyundai’s market share with their new SUV offerings. Hyundai’s market share in India has declined from 17.5% to 14.6% over the last four years.

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Hyundai’s first locally manufactured electric SUV will be succeeded by four additional EVs by the end of this decade. The company also has plans to introduce hybrid cars in India, as part of a larger strategy to increase global sales by 30% by 2030.

The auto giant’s strategy also involves selling higher-priced vehicles in India to boost profit margins. The proportion of Hyundai cars priced at $18,000 (₹15 lakh) or above — considered premium in the Indian market — has doubled to 15% between 2021 and 2023, as per the draft IPO papers filed in June.

However, Hyundai’s competitors are not resting on their laurels. Tata, the leading EV manufacturer in India, has plans to roll out five EVs in the next three to four years. Similarly, Mahindra intends to launch seven electric SUVs and six new petrol-powered SUVs by the end of this decade.

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