Key Highlights:
- Kia and Hyundai together report 91,348 EV sales so far this year.
- Kia saw an 80.3% rise in sales, reaching 43,051 units.
- Hyundai experienced a 4.5% growth with 48,297 units sold.
- Market analysts predict their combined sales will cross 100,000 units by the end of October.
Sales Growth in 2024
Kia Corp, supported by Hyundai Motor Co., is on track to surpass 100,000 electric vehicle (EV) sales by the end of October. Data released on October 13 confirms a strong year for the two South Korean carmakers, with a combined 91,348 EVs sold so far.
Both automakers have seen significant growth in their electric vehicle segments. Kia reported an impressive 80.3% increase, with sales reaching 43,051 units. Hyundai, while more stable, achieved a 4.5% year-on-year growth, selling 48,297 units.
Anticipated Milestone
With this momentum, analysts expect Kia and Hyundai’s collective sales to surpass the 100,000-unit mark by the end of October. This milestone highlights their commitment to accelerating EV adoption and meeting the growing demand for electric mobility.
Hyundai IPO and Investment in EV Supply Chains
In addition to achieving high EV sales, Hyundai Motors is set to raise ₹27,870 crore through its IPO on October 15. The company plans to use this funding to strengthen local supply chains, focusing on battery packs, powertrains, and battery cells. Hyundai is also expanding its investments in charging infrastructure to support future EV growth.
Hyundai’s Future EV Plans
Hyundai Motor India’s COO, Tarun Garg, emphasized the company’s ambitious EV vision. He confirmed the launch of the Creta EV, followed by three new models, to further boost EV sales and solidify the company’s position in the electric vehicle market.
Also Read: Tata Harrier EV Set to Wow India: 600km Range, & Futuristic Interiors
ELCTRIK Speaks
Kia and Hyundai’s impressive EV sales performance reflects their growing influence in the global electric vehicle market. With 100,000 units in sight by October’s end, both companies are positioning themselves for future success. Hyundai’s IPO and focus on localized supply chains further reinforce its commitment to sustainable growth. The launch of new models like the Creta EV will help them capture a larger share of the rapidly expanding EV market.
