India’s second-largest carmaker, Hyundai Motor India, is expecting to have its highest-ever domestic sales this year, Tarun Garg, Director of Sales Marketing and Service, Hyundai, told CNBC-TV18
“I think what is aiding
Festive season demand
The auto sector grew to record levels in August, as semiconductor shortages eased further, allowing companies to ramp up production ahead of the crucial festive season.
Talking about the sales estimate for this year Garg said the carmaker is expecting to have sales of more than 5.5 lakh units this year. The company had its highest-ever sales in India, in 2018 when it sold 5.5 lakh units.
He added that Hyundai is seeing strong and stable sales ahead of the festive season, with SUVs accounting for 53 percent of demand.
“Onam, as well as Ganesh festival, started on a very stable note and now we enter the Navratri, Dussehra and Diwali. So things are looking up,” he added.
Indians love their SUVs
On September 6, Hyundai Motors launched its Venue N Line SUV in India. It was the second N-Line model to be offered by Hyundai in India after the i20 N Line premium hatchback.
According to Garg, more than 80 percent of models launched in India in 2022 have been in the SUV space. In 2016, SUVs contributed 13.5 percent to the overall industry, while today the share has risen to 41 percent, showcasing growth in the segment as a result of Indian customers’ needs evolving to more spacious vehicles, Garg noted.
Last month, Hyundai launched its SUV, Tucson, in India. The carmaker started accepting pre-bookings for the new SUV at a token amount of Rs 50,000.
In August, Hyundai Motor India sold 62,210 vehicles, an increase of 5 percent. The company dispatched 59,068 units to dealers in August 2021. Compared with 46,866 units in the corresponding period a year ago, the company's domestic sales increased by 6 percent to 49,510 units. Its exports last month stood at 12,700 units, an increase of 4 percent from 12,202 units in the corresponding period a year ago. The much improved semiconductor situation has enabled higher supply.
