With successful launch of the new Creta sports utility vehicle, Hyundai Motors, who are currently commanding a 17% market share in Indian auto industry, are now aiming at 20% market share by FY17. Hyundai Creta has been well received and the company claims bookings to the tune of 23,000 units.
This response is what makes the company confident of increased market share even as the Hyundai Creta faces much competition in its segment from the Ford Ecosport, Renault Duster, Nissan Terrano and Mahindra Scorpio, Mahindra XUV500 and Tata Safari Storme all of which are priced in the INR 6.75 to INR 15.99 lakh bracket.
Also Read – Hyundai Creta Review
With launch of Hyundai Creta SUV, the South Korean automakers enter the full fledged SUV segment enhancing company portfolio with Santa Fe in premium category and Hyundai i20 Active in compact segment. Hyundai Creta, produced at the company’s Chennai facility is presented with both petrol and diesel engine options. Creta petrol variants are priced from INR 8.59 lakhs to INR 11.19 lakhs while diesel variants range between INR 9.46 lakhs to INR 13.6 lakhs.
Commanding a 17 percent market share as on date, Hyundai Motors India Ltd reported a 5 percent increase in total sales in July 2015 at 50,408 units. Sales during July 2014 stood at 48,014 units. Domestic sales increased from 29,275 units in July 2014 to 36,500 units in July 2015. Hyundai also plans a new manufacturing plant in India and is awaiting clearance on certain issues of GST and land acquisition prior to going ahead with plans. Hyundai Motors has also announced a price hike across segment – except the Creta, from 1st August 2015.