Hyundai Motor's sales in India hit record ahead of planned IPO

Seoul, July 7: Hyundai Motor, South Korea's leading automaker, saw its sales hit a record in India in the first half of this year, according to industry data on Sunday, as it has filed for an initial public offering (IPO) worth Rs 25,000 crore for its India unit.

According to data from the Federation of Automobile Dealers Associations of India (FADA), Hyundai sold 272,207 units in India from January to June this year, up 2 per cent compared to the 266,760 units sold in the same period in 2023.

The tally marks the largest first-half sales figure for Hyundai Motor in the country, reports Yonhap news agency.

Hyundai Motor's investor relations data also showed that Hyundai's Indian plant sold a total of 259,659 units locally from January to May.

According to the FADA, Hyundai's market share in the Indian passenger vehicle market for the first half stood at 13.8 per cent, ranking second behind Maruti Suzuki.

Tata Motors ranked third, followed by Toyota Motor and Kia.

Hyundai has shown a constant share decrease in India in the past few years, from 17 per cent in 2021 to 14.1 per cent by 2023.

Last month, the company announced that its Indian unit has filed for an IPO in India as it seeks to gain a strong foothold in the country's fast-growing auto market.

Industry observers are keen on whether the company can enhance its local competitiveness through the listing on the Indian stock market.

India serves as a key global production base for the Korean automotive giant. Last year, Hyundai produced a total of 765,000 vehicles in India.