With Hyundai, among other automakers, eyeing electric vehicles as a future growth driver, an emergent trend in India’s automotive landscape is tier-2 cities catching up with tier-1 cities like Delhi and Bengaluru in terms of electric vehicle demand. According to BloombergNEF, cities in India like Surat, Jaipur, and Lucknow are increasingly skirting towards electric two-wheeler and car sales, a humongous growth. It definitely indicates a shift in Hyundai India shares from tier-2 cities towards the top in its EV strategy.
Hyderabad shares the optimism for smaller cities as its EV sales potential grows. Hyundai’s expansion of emerging markets fits well with the strategic goal of extending beyond metros based on affordability and access to capture the next wave of consumers. With two-wheeler EV sales higher in many tier-2 cities than traditional giants like Mumbai and Chennai, it’s expected to drive Hyundai India shares higher in the coming years.
This has further bridged the metro-urban and mid-sized city divide, where the latter have seen a spurt in dealership networks and increasing consumer awareness. Automakers such as Hyundai have stepped up their processes in these cities to capitalise on the growing demand. Hyundai India share prices are likely to enjoy rapid pick-up in this set of cities, especially with the phasing out of electric vehicle subsidies in certain states and the shift towards private ownership in smaller urban centres.
Hyundai India shares and its origin in the country
The company first set its base in India in 1996 with Hyundai Motor India Limited (HMIL), which is its wholly owned subsidiary of Hyundai Motor Company. Today, the company is the second largest car manufacturer in the country and has multiple products that are made available across various product lines such as electric vehicle variants like Hyundai Kona and Ioniq which will be launched soon. Hyundai India has an effective presence both in the domestic and export markets and has a present capacity of approximately 750,000 units a year.
Today, the long history Hyundai has in India has well-positioned it to play a critical role in transitioning towards a clean mobility landscape within this country. While cities in tier-2 are emerging as significant contributors to the Revolution of EVs, Hyundai India shares are well poised to capitalize on this increasing demand much more firmly at the Indian automobile industry nexus.
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