Hyundai Motor India Reports Strong YoY growth for domestic sales and exports in January 2023; MoM sales decline
Hyundai Motor India Limited (HMIL) reported strong growth in both its domestic sales and exports for February 2023. Domestic sales rose by 6.7 percent YoY, with 47,001 units sold in February 2023, as compared to 44,050 units sold in February 2022. Volume gain stood at 3.1k units. On the other hand, HMIL’s exports increased significantly by 19.1 percent YoY.
10,850 units exported in February 2023, as compared to 9,109 units in February 2022. Volume growth is reported at 1,741 units. Increase in exports is particularly noteworthy, as it indicates a growing demand for Indian-made vehicles in international markets.
However, the MoM domestic sales data for February 2023 shows a decline of 6.2 percent. 2,951 units less than January 2023 sales figures of 50,106 units.
Hyundai Motor India Reports Positive Sales Trend in February 2023
Cumulative sales for the month of February 2023, which includes both domestic and export sales, stood at 57,851 units. And reflects growth of 8.8 percent YoY, as compared to 53,159 units sold in the same period last year. YoY growth in domestic sales can be attributed to various factors such as the company’s continued efforts to launch new models, and strengthening its dealer network. Expand its presence in the market has led to an increased rural customer base and higher demand for Hyundai’s products.
Strong performance by HMIL in both domestic and export markets can be attributed to its wide range of products, strong brand reputation, and efficient supply chain management. Additionally, Hyundai’s focus on innovation and sustainability has helped it to maintain its position as a market leader in the Indian automotive industry.
Hyundai Creta leads HMIs strong sales momentum
Encouraging sales figures reflects that the Indian market has been excited by new launches. Hyundai Creta, which has a strong legacy, leads the charge. Sales to date have surpassed the 8.3 lakh units milestone. Creta’s success indicates that Hyundai is meeting the evolving needs and preferences of the Indian market.
Across segments, the overall sales numbers indicate a positive trend. No doubt, HMIL will continue to bring innovative and exciting mobility solutions to the market. The first of which is the 6th-gen 2023 Hyundai Verna set for launch on March 21, 2023.
Indian auto industry – Sales growth drivers
In conclusion, while the YoY growth in domestic sales for Hyundai in February 2023 is a positive sign for the company. And the Indian automotive industry as a whole. MoM decline indicates the need for continuous efforts to maintain sales momentum.
The automotive industry in India is expected to see strong growth in the coming years, driven by factors such as the government’s focus on the electric vehicle (EV) market, rising demand for personal mobility, and increasing adoption of EVs. Hyundai’s focus on innovation and sustainability aligns well with these market trends, which bodes well for the company’s future growth prospects.
And aligns with our market understanding that the Indian automotive industry is poised for significant growth in the coming years, driven by factors such as rising disposable incomes, increased consumer awareness, and favourable government policies.
