.JPG "Expect best-ever sales in India this year: Hyundai")
‘Factors such as inflation, fuel prices and rising interest rates can pose a challenge’
‘Factors such as inflation, fuel prices and rising interest rates can pose a challenge’
South Korean automaker Hyundai expects to record its best-ever sales in India market this year, surpassing the previous best sales of more than 5.50 lakh units, driven by strong order pipeline and easing of semiconductor supply issues, a senior company official told The Hindu.
“In calendar year 2018, Hyundai had recorded domestic sales of 5,50,002 units,” said Tarun Garg, Director – Marketing, Sales & Service.
“Then came global crisis and the pandemic. So, we are very happy that in the current year, we will achieve our highest-ever domestic sales, which means we will cross this 5,50,000 units sales.”
For the first eight months (January-August), we have sold 3,67,977 units, of which almost 53%, or 194,808 units, are SUVs.
He added, “Pent-up demand has a big role to play but at the same time, the ability to launch new technology and models is really helping Hyundai. In the last three years, we have launched about 10 new products. Plus, semiconductor situation is easing out (and) we are sitting on an order back log of 1,30,000 units which gives us the confidence that we will end up with highest-ever sales this year.”
However, he also said that factors such as inflation, fuel prices and rising interest rates can pose a challenge going forward and the company is closely watching these trends.
The company on Tuesday also launched its sixth SUV and the second N Line model – Venue N Line in in two trims priced at ₹12.16 lakh and ₹13.15 lakh (ex-showroom).
Mr. Garg said The N Line series is also helping the company to acquire new customers from competition. In September last year, the automaker introduced the i20 N Line in the country. “There are three types of customers – first-time buyers, own-company loyalist and new customers from competition. For i20, new customers acquired are about 28%, but the same number is 32% for N line.”
The N Line is contributing more than 11% to i20 sales, and Hyundai expects to sell 15,000-16,000 units of N Line models by the end of 2023. Of this, about 10,000 units will be of Venue N Line and about 6,000 will be of i20 N Line.
