Hyundai India Registers Double Digit Growth in Domestic Sales for April 2023,
Hyundai Motor India Limited (HMIL) reported its sales data for April 2023, and the figures indicate mixed results in terms of growth and decline. We will delve into the numbers and identify the reasons behind the trends observed.
Cumulative sales figures for April 2023 are positive for HMIL, with a 3.56 percent increase compared to April 2022. This growth has been driven primarily by Hyundai domestic sales, which rose by 12.95 percent from 44,001 in April 2022 to 49,701 in April 2023. That’s almost 50k units sold last month.
Volume growth stood at 5,700 units. MoM sales fell marginally from 50,600 units at volume loss of 899 units. In contrast, export sales declined by 30.3 percent from 12,200 in April 2022 to 8,500 in April 2023 at volume loss of 3.7k units. Total sales is up at 58,201 units, up from 56,201 units at 2k units in volume growth.
Hyundai India Eyes GM Talegaon Plant Acquisition to Boost Manufacturing Capabilities
Hyundai is in the run to potentially buy the GM Talegaon plant. HMIL has signed a term sheet for the same. With a second plant, Hyundai will be able to build on its manufacturing capabilities. This is part of Hyundai’s growth plans as it continues to amplify sales in the domestic market, and sustain its exports. Hyundai has for long been known for its exporting capabilities too.
Strong growth in domestic sales can be attributed to several factors. Much of it revolves around the economy and the smooth availability of car loans. Given manufacturing constraints owing to the pandemic, deferred demand for automobiles continues to drive sales. Add to this consumer confidence and purchasing power.
Hyundai India’s Competitive Advantage: Bestsellers and High-Value Products
Furthermore, HMIL has been focusing on launching new models and upgrading existing ones, which has helped the company to maintain its market share and attract new customers. Hyundai Exter CUV ( small car) launch is near.
Looking ahead, HMIL is likely to continue its focus on domestic sales. And this bodes well for its wide portfolio from the more than sufficient Alcazar SUV to the new gen Verna. High value products that drive sales alongwith bestsellers like Creta, Venue.
What’s Next for Hyundai India’s Sales Performance After a Strong April 2023
April 2023 sales data for HMIL presents a mixed picture of growth and manufacturing management to meet domestic market demand. The company’s focus on new launches, upgrades, and attractive offers has helped drive domestic sales, which are likely to remain the key growth driver in the coming months.
Tarun Garg, COO, Hyundai Motor India Ltd. said, “We are delighted to register a healthy double digit growth in the domestic market in the month of April. This strong growth has been backed by an overwhelming response to the recently launched all-new Hyundai VERNA that has more than doubled its volumes from its earlier version. We look to carry forward this momentum with the soon to be launched SUV from the Hyundai stable, Hyundai EXTER”.
