Hyundai Motor India has rolled out its 9 millionth car (90 lakhs). The milestone has come in good time – in 21 years and 12 days of commercial operations in India. The company attributes this as testimony to the brand’s customer-centric approach.
While auto manufacturers are dealing with falling sales, and Hyundai India is no different, the company still does have much to cheer about. For one, Hyundai Motor India has reported 2.77 percentage points market share growth for the first five months of the current fiscal, i.e., April-August 2019. For the said 5 months, HMIL reported 2,03,729 units sold, up from 2,26,396 units sold for the said period in the previous fiscal.
While HMIL is not immune to ongoing sales contraction, market share since the start of the year has been showing heart despite sales decline. Sales contraction is a market wide malady at present, so, it all comes down to just how steep a company’s sales decline is.
At the start of the year, the company enjoyed 16.54 percent market share. Eight months down the line, August 2019 ended with 19.51 market share. This despite sales having fallen quite regularly. From sales in the healthy mid forties, volume has in recent months breached the 40k mark. In September 2019, sales is reported at 40,705 units, down 14.8 percent from 47,781 units sold in September 2018.
HMIL holds the second largest market share in the country. The foremost position is of course held by MSIL. Maruti too isn’t immune to falling sales and has been dealing with market slowdown. Where its market share is concerned, Maruti has seen market share reduce to 47.59 percent, having started out at 50.34 percent market share in January 2019.
Hyundai Motor India Ltd (HMIL) reported 21.5 percent growth in net profit in FY19. This was up at Rs 2,581.7 crore as net profit in 2018-19, up from Rs 2,124.2 crore in FY18. For the period, sales grew about 3 percent to 7.1 lakh units from 6.9 lakh. HMIL domestic sales was up marginally at 5.45 lakh units in FY19, from 5.36 lakh units in FY18. Exports were up at 5.2 percent to 1.62 lakh units from 1.54 lakh units in the previous year.
This week, the company launched its 2019 Elantra at a starting price of Rs 15.89 lakhs. The low volume vehicle comes with the promise of 34 Blue Link technology features, and BSVI compliancy. Hyundai will next launch new gen Xcent and Creta in the coming months.