Hyundai, Kia set to surpass 100,000 EV sales by October end in 2024

Hyundai Motor Co. and its affiliate Kia Corp. are on track to sell more than 100,000 electric vehicles (EVs) by the end of October, according to company data released Sunday, October 13, a Yonhap News Agency report said.

The two South Korean automakers reported combined EV sales of 91,348 units from January to September, marking a 30.3% increase compared to the same period last year, the report added.

Hyundai’s EV sales rose 4.5% year-on-year to 48,297 units, while Kia experienced a sharp 80.3% growth, reaching 43,051 units. Market analysts expect their combined EV sales to exceed 100,000 units this month and hit 120,000 units by year-end, as per the report.

Hyundai targets EV growth in India with Creta EV launch

Meanwhile, Hyundai Motor India announced plans on October 9 to expand its EV lineup in both mass and premium segments, supported by a localized supply chain. The company will launch the electric version of the popular Creta SUV in the fourth quarter of this fiscal year, with four more EV models planned over the next few years.

"India’s EV market is still in the early stages of development," said Hyundai Motor India Managing Director Unsoo Kim at a roadshow ahead of the company's initial public offering (IPO). "We expect strong growth in India’s EV segment by 2030, driven by government initiatives and increased focus from automakers."

Hyundai Motor India is preparing to roll out its IPO on October 15 to raise ₹27,870 crore.

Kim emphasized the company’s strategy to develop localized supply chains for key EV components, including battery packs, powertrains, and battery cells, alongside investments in charging infrastructure.

Hyundai Motor India's Chief Operating Officer Tarun Garg also highlighted the company’s ambitious EV roadmap, saying, "We are launching the Creta EV, followed by three more models, to drive our EV sales further."

In addition to EVs, Hyundai remains committed to hybrid vehicles, a segment it has led in India since 1998. Kim noted, "Hyundai has access to advanced technologies, from petrol, diesel, and CNG to hybrids, plug-in hybrids, and even hydrogen vehicles. This positions us well to meet diverse customer demands."