Hyundai Shifts Gears In India With EV Drive

This story is part of Forbes’ coverage of Korea’s Richest 2025. See the full list here.

Leveraging its nearly three-decade-long track record in India, auto billionaire Euisun Chung’s Hyundai Motor Group listed its Indian unit last October, raising $3.3 billion in the country’s largest-ever IPO.

Hyundai Motor India, which contributes around 15% to the parent company’s global sales by volume, has gained traction from India’s rising middle class with popular models such as the Creta, a midsize SUV.

Despite the IPO buzz, shares are down 13% since the listing. The Indian unit reported a dip in sales and an 18% drop in net profit for the third quarter ended December. In February, it ceded its spot as India’s second-largest automaker by domestic sales to Mahindra & Mahindra, controlled by billionaire Anand Mahindra.

To rev things up, Hyundai India has embarked on an EV drive. After launching the Ioniq 5 premium SUV in 2023, it introduced the electric version of Creta in January. Four additional EV models are due by 2030, when it hopes to have 600 fast-charging EV stations installed across the country, up from 50 currently.

In its home market, Hyundai may benefit from South Korea’s emergency relief measures to protect its auto sector against U.S. tariffs. Announced in April, these measures include increasing policy financing support by 2 trillion won ($1.4 billion) to 15 trillion for 2025, lowering taxes on new purchases and extending EV subsidies.