Garg said the GST reform has already given a boost to demand. “The initial response has been extremely good… bookings have gone up dramatically,” he said, adding that the timing is ideal with the festive season starting.
Hyundai expects the industry to swing from a 2% decline till August to about 5% growth by March. “That’s a 7% turnaround starting September,” Garg said.
Exports are also playing a key role in Hyundai’s strategy. “We are Hyundai’s biggest base outside Korea. With exports growing in double digits and domestic sales now picking up, this will be a double engine growth for Hyundai,” he explained.
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Adding to that momentum is the company’s upcoming Pune plant, which will take Hyundai India’s total capacity close to 1 million units when it comes onstream in 2025-26 (FY26).
Hyundai is also preparing for a shift in consumer preferences. “Electric penetration was stagnant at 2.4% for two years, but this August it has already reached 6%. The direction is very clear,” Garg said, pointing to rising demand for EVs alongside petrol, CNG, and hybrids.
Hyundai Motor India has a market capitalisation of around ₹2,02,575 crore, and its shares have risen nearly 40% since its listing on October 22, 2024.
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