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Hyundai Motor India eyes 5-6pct growth in 2018

Auto News - Published on Wed, 03 Jan 2018

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ET reported that South Korean carmaker Hyundai Motor India has exceeded its domestic volumes target for 2017 with sales of 5.2 lakh units, led by a strong demand for the newly launched Verna, a mid-sized sedan. With the carmaker planning to launch anew entry-level car soon, it has set a target of crossing an output of 7 lakh units in 2018, with 5.5 lakh units for the domestic market, eyeing a growth of 5-6%.

Mr Rakesh Srivastava, director, sales & marketing at Hyundai Motor India, said despite just one launch (Verna) and a couple of facelifts, the company has been able to grow well. “2017 was a year of excellence for Hyundai, wherein the company focused on delivering quality and optimum production capacity utilisation. We aim to sustain our growth momentum in 2018, led by an all-new product entering a new segment, which will bring us incremental buyers.”

What’s significant is that not only has the average price of vehicles sold by Hyundai risen in India, helping the bottom line, even exports for the coming year will be largely mid-sized cars such as the Verna and Creta as against the small cars exported out of India like Eon, Grand and i20, which will further boost its profitability.

Apart from Maruti Suzuki, Hyundai has been the only brand which has been growing volumes every year. Today, three of its products figure in the top 10 cars sold in India, and three of its cars - Grand, Elite and Creta - have clocked annual sales of over 1lakh units.

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Posted By : Rabi Wangkhem on Wed, 03 Jan 2018
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