Hyundai and Kia to boost market share in India, hotbed of EV competition, by investing in equipment and selling new models - South Korean media

Hyundai Motor India Ltd. (HMIL), a subsidiary of Hyundai Motors, sold a total of 777,876 vehicles in the fiscal year ending April 2023 to March 2024, up 8% from the same period last year.
This will be the largest sales volume in India. In terms of sales ranking among assembled vehicle manufacturers in India, it will be the second largest after Suzuki's Indian subsidiary Maruti Suzuki. Maruti Suzuki's market share is 41.6%.
The combined share of Hyundai and Kia is about 20%. The share of electric vehicles (EVs) such as the Ioniq 5, Kona EV, and Kia's EV6 in sales is expected to reach 1.2 billion by 2021.
It is expected to rise from 0.8% in 2019 to 2.9% in 2022, but will decline to 2.6% in 2023. The background to this is that the proportion of EVs in the total car sales in the Indian market is only 2%,
The market is still immature, but the Indian government has announced plans to expand this ratio to 30% by 2023.
Hyundai Motor has agreed to a 10-year deal to build EV production facilities and infrastructure in India from 2023.
The company is investing 200 billion rupees (approximately 364,864,800,000 yen) in order to increase its market share. It plans to sell six types of EVs by 2028 and install charging stations.
Kia Motors will also begin producing localized small EVs from 2025, while also offering a variety of EVs, including purpose-built vehicles (PBVs).