Hyundai Motor India, the Korean giant  has been experiencing double-digit growth in the Indian automobile market which is almost double the industry growth, till recently. However, the company sees its growth reducing this year and hopes be at par with the industry.

The domestic automobile industry has been shrinking and the slow down in Middle East and South African markets have affected exports from India. As per were Hyundai Motor India MD & CEO YK Koo, these were the key reasons for lower growth projections.

Hyundai hopes to maintain its market share at around 17% with launch of new products every year, catering to the aspirations of Indian consumers. As a part of this it proposes to launch new Tuscon and another sedan, helping improve volumes. Koo said he was disappointed with the growth of Indian automotive market during the first quarter ended March 2016 at around 2.2%, though Hyundai India grew by 7.5%.  Hyundai expects to sell 5 lakh units in domestic this year, up from 4.76 lakh units last year. Exports will be around 1.65 lakh units, accounting for around 25% of total sales, translating into a fall from previous year, he said.  Hyundai Motor India wouldn’t compete in the affordable products segment as the company will be trying to change its image to a more premium one in the coming years and also revamp its network and consumer experience. The company will continue to maintain market share through modern premium brand launches.

Hyundai Creta price

As per Koo, Hyundai is now looking at introducing more SUV models. Hyundai was looking at increasing its production of Creta by almost 20% from June onwards to meet the growing demand and cutting down on the waiting period to around a month from nearly three months now.

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