Hyundai Motor India reports cumulative sales of 57,310 units in July 2019. This accounts for 3.8 percent sales, down from 59,590 units sold in July 2018. Domestic sales is down 10 percent at 39,010 units sold. HMIL sold 43,481 units in July 2018. Exports for the month are up at 18,300 units. This equates to 13.6 percent sales growth, up from 16,109 units sent overseas in July 2018.
Contrary to industry-wide planned production cuts to mitigate dealer inventory, Hyundai Motor India Ltd had in fact increased production by 3 percent, over April-June 2019. This can be attributed to the company’s newest launch, the Venue compact SUV.
For Q1 2019, Hyundai has in fact been able to increase its overall market share to 18 percent. up from 16 percent in Q1 2018. The momentum is attributed to its UV sales. Market share has been retained for cars sold at 18 percent. Where UVs are concerned, Hyundai’s market share grew to 20 percent for Q1 2019, up from 14 percent in Q1 2018.
Launching Venue is a target oriented move, and Hyundai is keen to improve its UV sales market share. Initial performance for Venue is promising. The brand has already reported 50,000 bookings within sixty days of launch. This will ensure domestic sales over the next few months is more or less controlled through careful planning of Venue deliveries. This si the very reason, Hyundai hasn’t had to reduce production as of now.
Of the Venue deliveries made as of now, Hyundai says 55 percent of cars sold are are the Blue Link Enabled variant. Of the 50k Venue bookings, more than 35 percent buyers have picked DCT (Dual Clutch Transmission) tech. Venue, Creta and Tucson sales has helped the company inch towards 21 percent SUV market share. A place that the company has been effectively targeting.
Wef today, i.e., August 1, 2019, Hyundai has introduced a price increase of upto up to Rs 9,200 across its product portfolio. The hike is on account of increase in input costs owing to improved safety regulations mandated by the government. The price hike is not applicable to the brand’s two new launches – Venue, and Kona electric.
