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Hyundai Motor India is working to make hydrogen a viable and affordable energy solution for the country. Whole-Time Director and COO Tarun Garg said the company is collaborating with IIT Madras and the Tamil Nadu government on a project aimed at reducing the cost of green hydrogen. Hyundai has committed a ₹100 crore investment to the Tamil Nadu government for this initiative, which includes establishing an innovation hub to advance the project.
The company is also preparing to launch the Creta EV (electric vehicle) in January-March 2025 (Q4FY25), which Garg believes will be a game-changer for the electric vehicle market. Hyundai is targeting growth in line with the low single-digit growth expected by the industry due to last year's high base. Garg said retail sales have been strong during the festive season, and the momentum has continued so far in November.
There has been a notable shift in Hyundai's product mix, with sport utility vehicles (SUVs) accounting for 68% of total sales from January to October 2024, up from 60% in the same period last year. Hyundai Motor India is seeing healthy growth in the hatchback and sedan segments, alongside the increase in SUV sales. Having a diverse range of powertrains, he explained, helps Hyundai reach a wider customer base.
Also Read: Hyundai Motor India shares fall 6% post Q2 but Nomura says stock 'very attractively priced' The company expects its Pune plant will be operational by October-December 2025 (Q3FY26), with an initial production capacity of 1.75 lakh units in phase 1., taking the total capacity to 9.
94 lakh units. “The Pune plant capacity addition will give us a strong leverage to look at, not only increasing volumes and market share, but also, of course, expanding the margins as more and more models get introduced, and as the capacities increase,” said Garg. The recent MoUs with state governments, including a ₹6,000 crore agreement with Maharashtra and a ₹26,000 crore agreement with Tamil Nadu, are also expected to aid growth medium to long term.
In the July-September quarter, Hyundai's profit dipped 16% to ₹1,375 crore, and revenue declined by 8% to ₹17,260 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 10% to ₹2,205 crore, and the EBITDA margin contracted slightly to 12.8% from 13.
1%. Also Read: Hyundai Motor India Q2 Results: Net profit falls 16%, revenue and margin narrow from last year The market capitalisation of the recently listed company stands at ₹1,46,923.68 crore.
Its shares have gained about 5% since listing. For more details, watch the accompanying video Catch all the latest updates from the stock market here.
