With the launch of its highly anticipated Creta compact crossover, Hyundai India is gearing up for the next phase of growth. The automaker had achieved 17% market share in 2014, highest figure since its entry in to the market almost two decades ago.
Over the last few years, the South Korean automaker has slowly but steadily enhanced its brand equity in the Indian market by introducing cars that are stylish and feature rich. With a contemporary product lineup and an exciting product pipeline which consists of a compact MPV and a sub-4 m compact SUV (possible), the company is bullish about its prospects in India, an auto market which is estimated to become the third largest in the world by 2020.
Speaking to Economic Times, Bo Shin Seo, MD and CEO of Hyundai India, revealed that the organization is working towards gaining 1% market share every year. This year, Hyundai is aiming to sell over 5 lakh units, which would have a positive impact on its market share with a growth of 15%. In addition to domestic market share, Mr. Seo is also optimistic about retaining 40% share in India’s automotive exports.
While introducing new products is vital to the automaker’s growth, it is also prepared to invest on expanding its installed production capacity whenever the necessity arises. As of now, the twin plants near Chennai can produce 7 lakh units annually which can be expanded to 10 lakh units in a phased manner.