New Delhi - Hyundai Motor Co., the leading South Korean automaker, achieved a record in its sales in India for the first half of this year. The company, which recently filed for an initial public offering for its India unit, reported selling 272,207 units from January to June, marking a 2 percent increase over the same period last year. This is the largest first-half sales figure Hyundai Motor has ever recorded in India.
According to Yonhap News Agency, Hyundai's sales performance in the past six months surpassed the 266,760 units sold in the first half of 2023. The automaker's market share currently stands at 13.8 percent, positioning it as the second-largest player in the Indian passenger vehicle market, trailing only Maruti Suzuki. Tata Motors, Toyota Motor, and Kia follow in market share rankings.
Despite these gains, Hyundai has experienced a gradual decline in market share over the past few years, dropping from 17 percent in 2021 to 14.1 percent in 2023. Last month, Hyundai announced its intention to strengthen its presence in the Indian market through a public offering. This move is part of a broader strategy to enhance the company's competitiveness in one of the world's fastest-growing automotive markets.
India is also a significant production hub for Hyundai, which produced a total of 765,000 vehicles in the country last year. Industry observers are closely watching to see if the upcoming IPO can boost Hyundai's performance and market position in India.