According to Hyundai Motor India Ltd’s Chief Operating Officer Tarun Garg, the company is poised to witness SUVs accounting for over 60 per cent of its total domestic sales this year, driven by models like Creta and the newly launched Exter. Let’s delve into the details of Hyundai’s SUV success story.
SUV Sales Performance
Tarun Garg mentioned that Hyundai is on track to achieve its target of 60 per cent of total domestic sales coming from SUVs by the end of the year, a figure set at the beginning of the year. This surge is attributed to strong demand for models like Creta and Exter, with SUV contribution reaching 63 per cent in October and year-to-date standing at 59 per cent.
Impressive Sales Figures
In October 2023, Hyundai Motor India Ltd recorded total sales of 68,728 units, marking an 18.48 per cent growth compared to the same month last year. Similarly, in the January-October period, total sales grew by 11.15 per cent, with the domestic market witnessing a 9.49 per cent increase.
SUVs Driving Growth
Garg highlighted the success of the Hyundai Creta, maintaining segment leadership with a year-to-date growth of 16 per cent. The newly launched Exter is also contributing significantly to the company’s SUV sales success.
Exports and Capacity
On the exports front, Hyundai is on course to meet its target of exporting 1.6 lakh units for the year. Garg noted an increase in capacity by about 4,000 units per month since July, providing flexibility to manage both domestic and export demand effectively.
Positive Outlook Despite Geopolitical Concerns
While acknowledging concerns over global geopolitical developments, Garg expressed optimism about maintaining export momentum. He mentioned that healthy export numbers have been supported by strong demand in Latin American markets and the company’s supply flexibility.
Hyundai Motor India’s remarkable performance in the SUV segment reflects its strategic positioning and product appeal, contributing significantly to the company’s overall growth and market leadership.
Ben Müller
