Hyundai Motor India Ltd., the Indian subsidiary of the South Korean automotive giant, is gearing up for a significant milestone. The company is set to launch its highly anticipated Rs 25,000 crore initial public offering (IPO) on October 14, as per sources familiar with the matter. This IPO is expected to be the largest in India since the Life Insurance Corporation’s (LIC) Rs 21,000 crore offering.
The IPO will be entirely an offer-for-sale (OFS) by Hyundai Motor Company, the promoter. The company aims to raise $3 billion (approximately Rs 25,000 crore) through this stake sale. This development is particularly noteworthy as it marks the first initial share sale by an automaker in India since Maruti Suzuki’s listing in 2003.
Hyundai Motor India has been a major player in the Indian automotive market, ranking as the second-largest carmaker in terms of passenger sales volumes in FY24, trailing only Maruti Suzuki. The listing is expected to enhance Hyundai’s visibility and brand image in India, while also providing liquidity and a public market for its equity shares.
The IPO will be managed by a consortium of leading financial institutions, including Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital, and Morgan Stanley. Legal advisories for the transaction will be provided by Shardul Amarchand Mangaldas for the company, Cyril Amarchand Mangaldas for the banks, and Latham and Watkins for international counsel. KFin Technologies will serve as the registrar for the issue.
This IPO is part of a series of major public offerings expected to hit the Indian market before the end of 2024, including those from companies like Swiggy and NTPC Green. The launch of Hyundai Motor India’s IPO signifies a significant moment for the Indian automotive and financial sectors.
Disclaimer: This news story is provided for informational purposes only and should not be considered as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Category-wise Electric Vehicle sales, Sept 2024 | India
Total Registered Electric Vehicle Sales – Sept’24 – 1,59,513 I Aug’24 – 1,57,045
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs.
In September 2024, the two-wheeler (E2W) segment remained the largest, with sales increasing slightly from 88,928 units in August to 89,940 units in September. E-rickshaw sales saw a slight decline, from 44,337 units in August to 44,025 units in September. The E3W L5 Passenger category showed growth, rising from 10,229 units to 12,278 units. E-carts also experienced a small increase, reaching 4,569 units from 4,393 in August. The E3W L5 Cargo/Goods segment grew modestly from 1,789 units to 2,026 units. However, sales in the electric four-wheeler (E4W) category decreased from 6,693 units in August to 5,808 units in September. Electric bus (E-bus) sales saw an increase, from 243 units to 388 units, while sales in other EV categories rose from 433 units to 479 units.
Category wise-Sales Trend from Sept 2023 to Sept 2024
18,29,628 EVs sold in the last 12 months from Oct 2023 to Sept 2024.
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs.
Telangana Data not included. Low speed e-2W sales data not included.
During the 12-month period from October 2023 to September 2024, India electric vehicle (EV) sales reached a total of 1,829,628 units. Sales started at 128,556 units in September 2023 and grew steadily, peaking at 213,069 units in March 2024. After a dip to 115,889 units in April, sales rebounded, with July 2024 recording a significant rise to 180,082 units. By September 2024, sales reached 159,513 units.
The penetration percentage of electric vehicles (EVs) in the two-wheeler (2W) category surged from 6.2% in Aug 2024 to 6.7% in Sept 2024.
High Speed E-2Wheeler Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs
Note: Low speed Electric 2 Wheelers data is not included
Top players for the month are OLA Electric, Bajaj Auto and TVS Motors. Greaves Electric registered a strong Y-o-Y decline.
Fuel-wise 3W Passenger L5 Sales Trend
E-3W Passenger L5 Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs
The top 3 brands for September 2024 regarding the number of electric passenger 3Ws registered are Mahindra Last Mile Mobility Ltd, Bajaj Auto and Piaggio Vehicles.
Fuel wise 3W Goods L5 Sales Trend
E-3W Goods L5 Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs
In September 2024, the electric three wheeler goods sales were led by Bajaj Auto, Mahindra Last Mile Mobility, and OMEGA Seiki.
E-rickshaw Sales Trend by OEM
In September 2024, the e-rickshaw sales were led by YC Electric, SAERA Electric and Dilli Electric.
E-cart Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs
In September 2024, the e-cart sales were led by YC Electric Vehicle and Dilli Electric.
OEM wise E-4W Sales, Sept 2024
Others include Kia, Porsche, JLR etc.
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs
Tata Motors remains the clear leader, with over 61% of the market share, followed by MG Motors and Mahindra & Mahindra.
OEM wise Electric Bus Sales, Sept 2024
Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs
Tata Motors sold the most electric buses in September 2024, followed by Olectra Greentech and PMI Electro Mobility.
For deeper insights into India’s EV sales trends (including Telangana data) – Segment-wise, OEM-wise, city-wise, RTO-wise and state-wise – check out the EVreporter Data Portal here and subscribe.
Hyderabad: Warivo Motor India Pvt Ltd, a leading electric two-wheeler manufacturer, and Battery Smart, India’s largest battery swapping network for electric two and three-wheelers, have signed a memorandum of understanding (MoU) to integrate cutting-edge battery swapping technology into Warivo’s fleet, targeting the B2B market.
Following the recent launch of CRX- its first high-speed electric scooter, the company aims to lower the upfront costs for fleet operators by decoupling the battery from the vehicle purchase. This innovative approach will not only make electric scooters more accessible to businesses but also ease their transition to sustainable transport solutions.
Moreover, the integration of Battery Smart’s vast network of swapping stations will eliminate range anxiety, and also save time, by allowing fleet operators to quickly exchange depleted batteries for fully charged ones, ensuring uninterrupted service and greater efficiency in delivery and logistics operations.
By the end of 2025, Warivo plans to deploy over 20,000 electric scooters equipped with Battery Smart’s battery-swapping technology across India. This ambitious rollout underscores Warivo’s commitment to promoting clean mobility solutions and addressing the rising demand for sustainable transportation options.
About the partnership, Tanushree Bhattacharya, Assistant vice president, Partnerships and Alliances, Battery Smart, stated, “The increasing demand for cost-effective and time-efficient solutions makes battery swapping a vital component of the EV market. Our collaboration with Warivo allows fleet operators to utilise our extensive battery-swapping network, reducing operational costs and boosting efficiency. We are confident that this partnership will accelerate the electrification of commercial fleets across India, paving the way for a more sustainable future.”
Yuvraj Garg, Director of Warivo Motor, expressed enthusiasm about this partnership, stating, “This collaboration with Battery Smart marks a pivotal step in our journey to transform urban mobility. By incorporating battery-swapping technology into our B2B solutions, we are not only lowering operational costs for fleet operators but also making electric mobility more practical and accessible.
“With the recent launch of our CRX, our goal is to ensure our product caters to all segments, B2B and B2C equally suitable for all ages. We are confident that this partnership will accelerate the adoption of electric two-wheelers in the enterprise sector, advancing our vision for a more sustainable future,” Yuvraj added.
This strategic alliance marks a significant step forward in the electric mobility sector, empowering fleet operators with innovative solutions that enhance both cost-effectiveness and operational efficiency.
Together, Warivo Motor and Battery Smart are committed to transforming urban transportation, fostering a sustainable ecosystem that prioritises clean mobility and supports the growth of electric vehicles in India.
Ashok Leyland, part of the Hinduja Group and a commercial vehicle manufacturer in India, has signed a partnership agreement with Nidec Motor Corporation, a subsidiary of Nidec Corporation, a Japan-based electric motor drives manufacturer. The collaboration focuses on developing electric drive motors and systems designed for India’s commercial vehicle sector.
The agreement was signed by Shenu Agarwal, Managing Director & CEO of Ashok Leyland, and Michael Briggs, President of Nidec Motion & Energy, in the presence of N. Saravanan, Chief Technology Officer, Ashok Leyland; Kanakasabapathi Subramanian, Senior Vice President of Product Development, Ashok Leyland; Greg Gorman, Chief Growth Officer, Nidec Motion & Energy; Anthony Pickering, President of Nidec Motion; Glen Feng, President of Nidec’s Traction business segment; and Girish D. Kulkarni, Managing Director of Nidec Motion & Energy India.
Ashok Leyland and Nidec will collaborate to establish a Centre of Excellence (CoE) for Electric Drive Units (EDUs). The CoE will focus on developing motor technologies and power electronics systems for electric vehicles, along with innovations in gear-shifting mechanisms. The partnership will involve joint research and development, with both companies contributing to skills development, lab infrastructure, and the creation of motor technologies for the electric vehicle portfolios of Ashok Leyland and its subsidiary, Switch Mobility.
Ashok Leyland will continue sourcing motors from Nidec for its current electric vehicle lineup while working together on future electric vehicle solutions. The partnership is aimed at designing e-drives that meet the operational requirements of India’s commercial vehicle sector and building a local supply chain for next-generation electric vehicles in India.
Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland said, “Ashok Leyland is delighted to partner with Nidec, a global leader in electric motor technology. This collaboration allows us to co-develop innovative e-drive motors specifically designed for the unique demands of India’s commercial vehicle market, while significantly advancing our electric mobility capabilities. By combining our strengths, we aim to create cutting-edge solutions that will set new benchmarks and drive the future of sustainable commercial transportation in India.”
Mr. Michael Briggs, President, Nidec Motion & Energy said, “Nidec is well positioned in India and is a perfect fit for accelerating India’s commercial EV adoption. Our investment strategy and motor technology are well complemented by Ashok Leyland, who understand the precise and specific demands of the commercial vehicle market. This partnership will ensure that customers receive the same Ashok Leyland product they trust but now with the technology they need for efficiency and a changing global energy landscape.”
New Delhi: In a boost for the electric vehicle (EV) adoption in the country, the total EV registrations reached 1.59 lakh units in September — up from 1.29 lakh units in the same month last year.
According to the government’s VAHAN data, EV registrations saw a significant 23 per cent increase (year-on-year). In the first half of the current fiscal, EV volumes increased 20 per cent compared with the same period last year.
Electric two-wheeler sales were 0.90 lakh units, a rise from 0.64 lakh units in the same month last year. The electric three-wheeler segment saw 0.63 lakh unit sales, compared with 0.58 lakh units in September 2023, as per the data.
Ola Electric saw a dip in sales to 24,665 units in September from 27,587 units in August. Bajaj Auto showed growth with registrations rising to 19,103 units in September (16,789 units). TVS Motor registered 18,084 units, up from 17,649 units in August.
EV firm Ather Energy saw a boost in sales, with volumes climbing to 12,676 units in September (from 10,980 units in August). Hero MotoCorp saw a decline in sales to 4,304 units (from 4,755 units).
Seoul, Oct 2: Hyundai Motor, South Korea’s biggest carmaker, said on Wednesday its sales fell 3.7 per cent last month from a year earlier on weak overseas demand.
Hyundai Motor sold 343,824 vehicles in September, down from 357,133 units a year earlier, the company said in a statement.
Domestic sales rose 3.5 percent to 55,805 units from 53,911 during the cited period, while overseas sales declined 5 percent to 288,019 from 303,222, the statement said, reports Yonhap news agency.
“In particular, high lending rates suppressed vehicle demand and increased incentives to woo customers from rivals weighed on the monthly results in overseas markets,” it said.
Hyundai said it will flexibly respond to changes in global markets by adjusting production and sales systems depending on local conditions.
While focusing on increasing sales of high-end models, Hyundai plans to launch the Casper Electric, named Inster for overseas markets, in global markets and develop gasoline hybrid models amid the slowdown in electric vehicles.
From January to September, its sales declined 1.6 percent to 3,075,861 autos from 3,127,036 during the same period last year.
Domestic sales dropped 8.5 per cent to 515,605 autos in the first nine months from 563,519 units a year earlier. Its overseas sales were down 0.1 percent to 2,560,256 from 2,563,517 during the same period.
Meanwhile, Kia said its sales fell 4.5 per cent last month from a year earlier due to weak domestic demand. Kia sold 249,842 vehicles in September, down from 261,479 units a year ago on decreased production and fewer working days due to the Chuseok holiday.
Domestic sales declined 14 per cent on-year to 38,140 units last month from 44,123, while overseas sales were also down 2.7 percent to 211,002 from 216,792 during the cited period, it said.
The monthly sales figures include special-purpose vehicle sales results.
In the fourth quarter, the company plans to boost sales by launching the upgraded Sportage SUV along with the planned global launch of the all-electric EV3 compact SUV.
From January to September, sales dropped 1.5 per cent to 2,319,332 autos from 2,354,229 units in the same period of last year.
Washington: Low interest financing, sweet lease deals, price cuts and free charging boosted Tesla’s global deliveries in the third quarter, the first increase this year for the electric vehicle maker. The Austin, Texas, company said Wednesday that it delivered 462,890 vehicles from July through September, bolstered by loans as low as 1.99 per cent, and $299 monthly leases on the Model 3, its least expensive vehicle. It delivered 435,059 vehicles during the same period last year. The figures for July through September came in slightly higher than analyst estimates of 462,000 for the period, according to data provider FactSet.
However, shares of Tesla Inc. dropped sharply before the opening bell, trading down more than 4 per cent. Tesla has struggled much of the year to sell its aging model lineup as growth in electric vehicle sales in the US and Europe slowed due to concerns with range, price and the ability to charge on trips. Falling sales early in the year led to once-unheard of discounts for the automaker, cutting into its industry leading profit margins. Analysts estimated that Tesla’s average vehicle sales price was $42,500 for the third quarter, the lowest price in four years. The sales decline likely will pull down third quarter earnings when they are announced on October 23. Tesla’s sales decline comes as competition is increasing from legacy and startup automakers, which are trying to nibble away at the company’s market share.
Nearly all of Tesla’s sales came from the smaller and less-expensive Models 3 and Y, with the company selling only 22,915 of its more expensive models that include X and S, as well as the new Cybertruck. Wedbush analyst Dan Ives wrote in a note to investors Tuesday that third-quarter sales would bring a rebound as China sales continue to increase and price and demand stabilizes.” As China continues to heat up on the demand story for Tesla with favorable leasing/financing terms and pent-up demand in the region, we are confident that we will see a significant growth figure in the region,” he wrote.
Europe will continue to be slow with macroeconomic pressures, and US demand should stabilize, Ives wrote. But BNP Paribas Exane said in an investor note that long term expectations of the market are somewhat high for Tesla. The company said its sales estimates for 2026 and 2027 “remain 10 per cent to 15 per cent below the street, respectively.” Tesla is scheduled to unveil a purpose built robotaxi at an event next week.
The automotive landscape is undergoing a profound transformation, with manufacturers increasingly prioritising sustainability without sacrificing luxury or performance. The 2024 Audi Q6 e-tron epitomises this shift, showcasing an impressive blend of cutting-edge technology, driving dynamics, and environmental consciousness.
Powertrain and Performance
At the heart of the Q6 e-tron lies a newly developed electric powertrain that combines efficiency and power. This system includes advanced electric motors paired with a robust 100 kWh lithium-ion battery, delivering an impressive output of 382 horsepower. This configuration allows the Q6 to achieve a top speed of 210 km/h and sprint from 0 to 100 km/h in just 5.9 seconds, making it a compelling alternative to its high-performance counterparts.
For those seeking an even sportier experience, the SQ6 variant elevates performance to new heights. With a staggering 509 horsepower, it boasts a top speed of 230 km/h and can accelerate from 0 to 100 km/h in a mere 4.3 seconds. This exhilarating performance is balanced with a respectable WLTP range of 598 km, ensuring that high-speed thrills do not come at the expense of practicality.
Audi has engineered the Q6 with an innovative dual-battery system designed for optimal efficiency and compactness. The new architecture allows for a lightweight setup that enhances performance and handling, ensuring the Q6 remains agile while maintaining a luxurious ride.
Driving Experience
During a recent test drive in the picturesque regions around Bilbao and San Sebastián, the Q6’s capabilities were put to the test on a variety of road conditions. The smooth highways and winding mountain roads provided an excellent backdrop to experience the vehicle’s dynamic prowess.
Driving Modes and Regeneration
Multiple Driving Modes: The Q6 offers efficiency, comfort, dynamic, and a balanced mode for personalised driving experiences.
Regenerative Braking: The system allows drivers to choose different levels of regeneration, enhancing efficiency and engagement.
One standout feature of the Q6 is its regenerative braking system. Drivers can select different levels of regeneration, with the second level offering a balance of comfort and control. This system not only enhances efficiency but also provides a more engaging driving experience, as drivers become accustomed to the nuances of single-pedal driving.
Chassis and Suspension
Audi’s commitment to driving dynamics is evident in the Q6’s sophisticated suspension system. The Frequency Selective Damping (FSD) technology adapts in real-time to road conditions, ensuring a smooth ride even on less-than-perfect surfaces. The adaptive air suspension further enhances this experience by compensating for load and providing a plush ride for all passengers, whether in the front or back seats.
Steering and Handling
Precision Steering: Designed for accuracy, providing excellent feedback and engagement.
Adaptive Technology: Adjusts based on driving mode for a tailored experience.
The steering is designed to be precise and responsive, striking a perfect balance between comfort and performance. In dynamic mode, the steering feels tight and engaging, allowing drivers to confidently navigate twists and turns with ease.
Interior Comfort and Technology
Inside the Q6 e-tron, luxury meets technology in a well-appointed cabin. The interior design emphasises a clean, clutter-free layout, with a focus on user-friendly technology that enhances the driving experience without overwhelming the driver. The head-up display, for instance, provides essential information in a clear and accessible format.
Passenger Experience
Comfortable Cabin: Luxurious materials and ample space ensure a high-quality experience for all occupants.
Tech Integration: Advanced technology seamlessly integrated into the driving experience.
Passenger comfort is a priority, and the rear seating area does not disappoint. Ample space and plush materials ensure that even long journeys are enjoyable for all occupants. The overall ambience is one of sophistication, aligning with Audi’s reputation for premium interiors.
Battery and Charging Infrastructure
The Q6 e-tron features a highly efficient battery system that balances range and charging capabilities. The architecture allows for rapid charging, with the ability to recharge from 10 to 80 per cent in approximately 21 minutes using high-power charging stations. This flexibility addresses one of the major concerns for electric vehicle owners: charging time and convenience.
Charging Options
AC and DC Charging: Supports both, with maximum DC charging power of 270 kW.
Quick Replenishment: Gain significant range in just a short period, enhancing usability.
The vehicle supports both AC and DC charging, with a maximum DC charging power of 270 kW. This enables drivers to quickly gain significant range, with the potential to add up to 255 km of range in just ten minutes under optimal conditions. As charging networks continue to expand, the Q6 is well-positioned to take full advantage of these advancements.
The 2024 Audi Q6 e-tron represents a significant step forward in the luxury electric vehicle market. With its powerful performance, sophisticated driving dynamics, and commitment to sustainability, it offers a compelling package for discerning consumers. Whether you are drawn to the standard Q6 for its blend of performance and efficiency or the SQ6 for its high-octane thrills, Audi’s latest offering demonstrates that electric vehicles can indeed deliver luxury without compromise.
As the automotive industry continues to evolve, the Q6 e-tron sets a high standard, bridging the gap between luxury and sustainability. It invites drivers to embrace a future where environmental consciousness and driving pleasure can coexist, making it a standout choice in an increasingly competitive market.
New Delhi, Oct 2: In a boost for the electric vehicle (EV) adoption in the country, the total EV registrations reached 1.59 lakh units in September — up from 1.29 lakh units in the same month last year.
According to the government’s VAHAN data, EV registrations saw a significant 23 per cent increase (year-on-year). In the first half of the current fiscal, EV volumes increased 20 per cent compared with the same period last year.
Electric two-wheeler sales were 0.90 lakh units, a rise from 0.64 lakh units in the same month last year. The electric three-wheeler segment saw 0.63 lakh unit sales, compared with 0.58 lakh units in September 2023, as per the data.
Ola Electric saw a dip in sales to 24,665 units in September from 27,587 units in August. Bajaj Auto showed growth with registrations rising to 19,103 units in September (16,789 units). TVS Motor registered 18,084 units, up from 17,649 units in August.
EV firm Ather Energy saw a boost in sales, with volumes climbing to 12,676 units in September (from 10,980 units in August). Hero MotoCorp saw a decline in sales to 4,304 units (from 4,755 units).
In the electric three-wheeler segment, Mahindra Last Mile Mobility maintained its leadership with 6,087 units, followed by Bajaj Auto with 5,004 units.
For the first half of the current fiscal (FY25), total EV registrations across all segments rose to 8.93 lakh units compared with 7.45 lakh units in the same period last year.
Meanwhile, the government on Tuesday launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme that has a financial outlay of Rs 10,900 crore over a period of two years. The PM-Drive scheme was approved by the Union Cabinet, chaired by Prime Minister Narendra Modi, on September 11 to promote electric mobility in the country.
The PM E-DRIVE scheme will play a pivotal role in accelerating EV adoption and building critical charging infrastructure nationwide, contributing to a cleaner and more sustainable future.
