Hyundai India reports growth in domestic wholesales and exports in July 2021
HMIL reports domestic growth at over 25 percent. Sales stood at over 48k units, up from 38.2k units at volume growth of just under 10k units. Exports grew to 12,207 units, up from 3.1k units. Volume growth is at just over 9.1k units. Cumulative sales growth is reported at 45.88 percent.
Total sales is reported at over 60k units, up from 41.3k units You at volume growth at just under 19k units. MoM domestic sales growth is reported at over 18 percent. Volume growth stood at over 7.5k units, up from 40,496 units.
Positive growth momentum
Tarun Garg, Director (Sales, Marketing & Service), Hyundai Motor India Ltd. said, “Hyundai registered domestic sales of 48,042 units in July backed by strong performance of our newly launched 6- and 7-seater SUV, :The Hyundai ALCAZAR, and our other segment defining products like CRETA, i20 and VENUE. A positive growth momentum is clearly visible in the Passenger Vehicle Industry with the stabilization of macro-economic factors, good monsoons and increase in consumer shift towards personal mobility.”
Newly introduced relaxations by state governments are likely to result in significant shift from periods of low sales activity to more stability. This will create stability in production and sales in the passenger vehicle industry as well as provide growth momentum in the near future.
Hyundai product competitiveness
The passenger car market in India is dominated by hatchbacks and sedans. Back in the day, hatchbacks captured a majority market share, with saloons and SUVs following suit, respectively. Dynamics in the current day have noticeably changed. Market trends point to demand growth for UVs, including the small UV variety.
And Hyundai India benefits greatly from this shift in consumption pattern. Having already aligned its production and goals to dominate the wide-ranging UV segment means Hyundai’s relevance continues to grow in an ever evolving setup.
With a view to have a larger share in the global passenger vehicle market, Hyundai is undertaking various initiatives for strengthening its corporate values and brand image. Add to this the introduction of new technologies for enhancing product competitiveness. To meet these objectives and achieve strategic goals, Hyundai has revised processes and targets across all segments of business, covering product portfolio and company vision/values.
A decade back, the industry was looking forward to a positive growth momentum. But then came the global slowdown and a series of policy, regulatory changes and product launch activities from competitors followed. The industry was dull for certain periods owing to policy changes, transition, and taxes among other changes. Most recently, the Indian auto industry has been impacted by the ongoing Covid-19 pandemic. This was further compounded as the industry transitioned to BSVI norms right when the pandemic warranted a complete business lockdown at the end of March 2020.