The Indian electric vehicle (EV) market is entering an exciting phase, with predictions of "strong and steady" growth through 2030, largely driven by major companies like Hyundai Motor India (HMIL). According to Mr. Unsoo Kim, the managing director of HMIL, the Indian EV segment is gaining traction due to enhanced government support and the automotive industry’s increased focus on electrification.

Despite facing challenges, including a recent 8% year-over-year decline in electric car sales—with only 5,874 units sold in September—Hyundai remains optimistic. The company’s Chief Operating Officer, Mr. Tarun Garg, recently announced the highly anticipated launch of their first high-volume EV, the Creta EV, scheduled for release in the last quarter of the current financial year. Garg describes the Creta EV as a potential "big game changer," aimed at bolstering consumer confidence in EV adoption amidst fluctuating sales figures.

The launch of the Creta EV is particularly significant given the model's past performance in the SUV market. Since its introduction in 2015, the Creta has risen from a modest 13% market share to approximately 60%. This remarkable growth showcases Hyundai's ability to adapt to consumer demands and market trends effectively.

Moreover, HMIL is preparing to raise US$ 7.82 billion (Rs. 27,780 crore) through India’s largest-ever initial public offering (IPO), with bidding slated for October 15 to 17. The company’s pre-IPO red herring prospectus indicates that royalty payments to its parent company, Hyundai Motor Corporation, currently represent 3.5% of its sales revenue. This rate is expected to remain stable unless changes occur in the OECD guidelines regarding transfer pricing.

Despite the current slowdown in EV sales, Mr. Kim emphasized that the Indian market is still in its early stages of electrification. He remains confident that the combination of government support and OEM focus will foster steady growth in the coming years. The potential for market expansion is substantial, especially when compared to global trends, as India has considerable room for advancement in electrification.

To further engage readers and provide ongoing updates, those interested in following the developments in the Indian EV market can explore more resources and insights. For comprehensive information on the best IPOs to apply for now, visit Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi. Additionally, for the latest updates on share market news, check out Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi.

For regular stock market trading and investment calls, join our Trading with CA Abhay Telegram Channel, hosted by CA Abhay Varn, a SEBI Registered Research Analyst. For ongoing share market news and IPO updates, join the Finance Saathi Telegram Channel.

Embarking on your stock market journey is easier than ever. Open a free Demat account with Choice Broking FinX and start applying for IPOs today!

In conclusion, as Hyundai prepares for the Creta EV launch and aims to leverage its IPO for growth, the broader Indian EV market stands poised for transformative change, driven by innovation, consumer interest, and supportive government policies. The combination of these factors signals an exciting time ahead for both Hyundai and the Indian electric vehicle landscape.