Hyundai India domestic sales decline for the first time in 2016 – Demonetization
India’s second largest car manufacturer, Hyundai has registed sales of 40,016 units in November 2016. This is a decline in sales of about 8.3% as compared to sales registered in November 2015, when the company sold 43,651 units. The reason behind this decline is considered to be the demonetization of INR 500 and INR 1,000 currency notes.
Speaking to a Hyundai dealer in Delhi, he said that they had sold 300 cars in October 2016. In November 2016 they managed to sell just 30 cars. Thats a huge decline, customers do not want to buy a car right now. The buying sentiment has been hugely affected.
But where Hyundai India posted decline in domestic sales, the same month they posted increase in exports. For Nov 2016 Hyundai exported 17,077 cars as compared to 14,008 cars exported in the same month last year. This is a healthy 22% increase in exports.
Talking about cumulative sales registed for November 2016, Hyundai India’s figures stood at 57,093m which is marginally less as compared to the Nov 2015 figures that stood at 57,659 units. Hyundai India’s cumulative sales Jan-Nov 2016 grew by 4.4%.