SEOUL – Hyundai has launched its IPO in India, the largest in the country’s history.
Hyeran Hong, climate and energy campaigner, Greenpeace East Asia said:
“Hyundai’s IPO launch in India signals the country’s importance to the automaker — but Hyundai’s carbon neutrality efforts in India remain far behind.
Hyundai is the second-largest automaker in India and comprises 14 percent of the country’s auto market. [1] However, Hyundai’s decarbonization efforts in India have ranged from lackluster to nearly nonexistent. Electric vehicles accounted for approximately one out of 500 Hyundai vehicles sold in India in 2023 and one in 1000 during the first half of 2024. [2] While Hyundai has made progress on electrification in North America and Europe, in India the automaker’s progress has stalled.
Hyundai’s 2045 carbon neutrality roadmap lacks clear electrification targets for India and other ‘emerging markets,’ calling into question the automaker’s commitment to climate action. The roadmap, published in 2021, says that Hyundai will ‘accelerate electrification in emerging markets’ by 2045. [3] However, it does not include a timeline for when 100 percent zero-emission vehicle sales will be achieved in these markets.
Hyundai must set clear combustion engine vehicle phase out targets in all markets to ensure that its growth does not come at the cost of the climate. Hyundai’s climate strategy in India has implications for other regions as well, as the automaker looks to transform the country into a global export hub. [4] We hope to see Hyundai emerge as a zero-carbon mobility service provider, which would represent a major step forward for the EV transition.”
Sharat M S, climate energy campaigner, Greenpeace India, said:
“India’s vision for mobility centers on creating a sustainable, inclusive, and efficient transportation ecosystem that not only drives electrification but also strengthens public transport infrastructure. As one of the largest auto manufacturers, Hyundai has a responsibility to align with this vision by accelerating its efforts in the EV transition based on renewable energy.
Hyundai must work towards fostering mobility solutions that reduce emissions, improve accessibility, contribute to India’s broader climate goals, and also tackle air pollution. By doing so, it can play a pivotal role in transforming India’s transportation landscape for a cleaner and greener future.”
Notes
[1] https://www.koreatimes.co.kr/www/tech/2024/10/129_378142.html
[2] Source: Greenpeace compilation based on data from Marklines
[3]https://www.hyundai.com/content/dam/hyundai/kr/ko/data/company-report/2024/07/10/hmc-sr-en-2024.pdf, 32 p
[4] https://www.koreatimes.co.kr/www/tech/2024/09/129_373438.html
Media Contact
Erin Newport, International Communications Officer, Greenpeace East Asia, +886 958 026 791, [email protected]