Hyundai motor Q3 Result and Ev Plans: Hyundai Motor India announced the financial results of its third quarter, with the company’s net profit by 18.56% to Rs 1,160.73 crore. This deficiency has come due to global market challenges and increased discounts. However, despite this decline, the company has maintained the intention to pursue its business in India in an agrarian manner. Hyundai Motor, while revealing its future plans in India’s electric vehicle (EV) market, said that it has its new Creta Ev And through other EV models, India’s EV is confident of getting a 20% share in the market.
What was the reason for the decline in profit?
The third quarter revenue of Hyundai Motor India declined by 1.34% to Rs 16,647.99 crore. According to the management of the company, the profit has declined due to challenges and increased discounts in domestic and global markets. Managing director of company Unu Kim Said, “Due to global factors, there are challenges in the market, but our basic principles are strong. We will continue looking for possibilities to improve our volume and profits. “
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Hyundai’s plan in EV market
Hyundai Motor has set a target to achieve a 20% stake in India’s electric vehicle market. Chief Operating Officer of Hyundai Motor India Tarun Garg Said, “Our long -term goal is to achieve 20% market share in the EV segment. Creta Ev will play an important role in meeting our goal. “
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Creta Ev: Company’s new start
Hyundai’s Creta Ev is the company’s first localized electric SUV, which is built in the Chennai plant. This model will not only strengthen the company’s grip in the EV market, but will also take the Creta brand to a new height. According to Hyundai, “10% of Creta’s total volume will be of Creta Ev, which will further strengthen our EV by 2025.”
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Sales and expansion in rural areas
Hyundai made domestic sales of 1,46,022 units in this quarter, with the highest contribution of the SUV segment. The company extended its CNG penetration to 15%, while its access to rural areas was 21.2%.
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Future strategy and challenges
According to Hyundai, the current EV Penting is 2.5%, but by 2025-26 it is likely to double. Tarun Garg Said, “We believe that 2025 and 2026 EV will prove to be a milestone for the industry. We are committed to increasing our stake through Creta EV and other upcoming models. ”
Hyundai Motor India, despite the decline in profits in its third quarter, is moving forward with its ambitious plans in the EV market. Through the Creta EV and other upcoming EV models, the company is not only strengthening its brand, but is also strengthening its hold in the Indian EV market.
