Hyundai Hits Record Sales in India
In the first half of this year, Hyundai Motor, South Korea's leading automaker, achieved record sales in India, according to industry data released on Sunday. Hyundai has also filed for an initial public offering (IPO) worth Rs 25,000 crore for its India unit.
According to the Federation of Automobile Dealers Associations of India (FADA), Hyundai sold 272,207 units in India from January to June, a 2 percent increase from the 266,760 units sold in the same period last year. This marks the largest first-half sales figure for Hyundai in India, as reported by Yonhap news agency.
Investor relations data from Hyundai showed that the company's Indian plant sold a total of 259,659 units locally from January to May. FADA data also indicated that Hyundai's market share in the Indian passenger vehicle market for the first half of the year stood at 13.8 percent, ranking second behind Maruti Suzuki.
Tata Motors ranked third in the market, followed by Toyota Motor and Kia. Over the past few years, Hyundai's market share in India has decreased from 17 percent in 2021 to 14.1 percent by 2023.
In June, Hyundai announced that its Indian unit has filed for an IPO in India, aiming to strengthen its foothold in the fast-growing auto market. Industry observers are watching to see if the company can boost its local competitiveness through this stock market listing. India remains a key global production base for Hyundai, which produced a total of 765,000 vehicles in the country last year.