Hyundai Motor India Ltd is set to achieve 60 per cent of it’s total domestic sales from SUVs this year, company COO Tarun Garg said. The company executive said that the firm is on the path to reaching it’s target to a good extent with models like Creta and the recently launched Exter boosting the growth.
With the company’s exports escalating in the last three months, the automaker seems confident of maintaining the pace in it’s overseas shipments despite worries about the global geopolitical situation. In a conversation with PTI, Garg said, “We will end up with more than 60 per cent at the end of the year which is what we said at the beginning of the year…We are now almost reaching there.”
Commenting about the contribution of SUVs to the firm’s overall sales, Garg noted, “For us, the good thing has been that SUV contribution has moved to 63 per cent in October and year-to-date at 59 per cent as against industry SUV percentage of 48 per cent. So that has really helped us to outperform the industry in terms of January to October numbers.”
Notably, the company recorded total sales of 68,728 units in October 2023, against 58,006 units in the same month a year earlier, registering a growth of 18.48 per cent. In the year so far up to October, the total sales for the firm stood at 6,43,535 units, as compared to 5,78,956 units recorded in the same period in the previous year.
Garg noted that SUVs contribution to the overall sales remained at 53 per cent in the beginning of 2023. Explaining the factors behind the growth of the firm’s SUV sales, he added, “The Creta continues to be an outperformer. With the year-till-date growth of 16 per cent it maintains the segment leadership. Also, Exter is doing very well.”
Elaborating on exports, Garg stated that the company is on the path to meeting it’s target of 1.6 lakh units for the year with good performance seen in the last two to three months. “From July, we have been able to increase our capacity by about 4,000 units a month and that gives us some leeway in terms of managing domestic and exports demand. Another factor for increase in exports is that the Latin American markets have been doing quite well and that has really helped us to put in very healthy export numbers,” he noted.
However, the executive agreed that there are worries about the recent global geopolitical developments, specifically in Israel and the Middle East. “We are keeping our fingers crossed but as of now the order inflow has been reasonably okay,” he concluded.
Also Read : Curbs, PLI, Mandatory Quality Norms Facilitating Reduction Of Imports Of Some Non-Essential Goods
Car loan Information:
Calculate Car Loan EMI