India (Commonwealth) _ Hyundai Motor India Ltd is on course to achieve 60% of total domestic sales from SUVs this year, with models such as the Creta and the recently released Exter boosting the increase, revealed Hyundai COO Tarun Garg,
With exports increasing in the previous three months, the firm is optimistic in maintaining its foreign shipment pace despite global geopolitical worries. He stated that the firm will end up with more than 60% at the end of the year, which is what the company anticipated at the start of the year…”We’re almost there,” Garg told the journalists.
He was replying to a question about how much SUVs will add to the company’s total sales given the market success of its models.
He went on to say that the good news is that SUV contribution increased to 63% in October and 59% year to date, compared to the industry SUV proportion of 48%. As a result, we have outperformed the industry in terms of January to October data. Hyundai Motor India Ltd (HMIL) reported total sales of 68,728 units in October 2023, up from 58,006 units in the same month last year, representing an 18.48 percent increase.
Also read:
Selling 3 MN passenger vehicles in India is no easy task …
SILVER WINNER IN THE INDIAN CAR MARKET IS …
Total sales in the January-October period this year were 6, 43,535 units, up 11.15 percent from 5, 78,956 units in the same time last year. In the domestic market, sales were 5, 09,910 units compared to 4, 65,678 units in the same time previous year, representing a 9.49% increase. Garg stated in the start of 2023 that SUVs contributed 53% of the company’s overall sales. He explained the reasons for the increase in HMIL SUV sales by saying, “The Creta continues to be an outperformer.” It retains segment leadership with a year-to-date growth rate of 16%. Exter is also doing quite well.
In the Indian passenger car market, the Hyundai Creta competes with Kia Seltos and Maruti Suzuki’s Grand Vitara, among others. On the export front, Garg said the business is on track to fulfill its 1.6 lakh unit target for the year, with the final “two to three” months doing well.” From July, we have been able to increase our capacity by about 4,000 units a month and that gives us some leeway in terms of managing domestic and exports demand,” he said.
He further explained that the corporation was able to satisfy “backorders” for exports this quarter. Another reason for the growth in exports is that Latin American markets have been performing well, which has helped us put in extremely robust export statistics, according to Garg. He did, however, admit that there are concerns about global geopolitical events, particularly in Israel and the Middle East.
We’re crossing our fingers, but the order inflow has been quite good thus far, according to Garg, who added that supply flexibility has helped HMIL export more in the previous three months. We’re crossing our fingers, but so far the order inflow has been reasonable, according to Garg, who added that supply flexibility has allowed HMIL to export more during last three months.
Hyundai Motor India Limited is a completely owned subsidiary of the South Korean Hyundai Motor Company. It is India’s third largest vehicle manufacturer.
The Hyundai Motor Company of South Korea established Hyundai Motor India Limited on May 6, 1996. When Hyundai Motor Company joined the Indian vehicle industry in 1996, the Hyundai brand was almost unknown in the country. There were only five major automotive manufacturers in India at the time of Hyundai’s debut in 1996: Maruti, Hindustan, Premier, Tata, and Mahindra. Daewoo joined the Indian vehicle market with the Cielo three years ago, whereas Ford, Opel, and Honda arrived less than a year ago.
