Hyundai Motor India is set to achieve a remarkable milestone in domestic sales by the end of 2023. The company is targeting six lakh units, surpassing its previous record of 5.5 lakh units achieved in 2022. This impressive growth can be attributed to the success of the Ioniq 5 electric vehicle and the Exter sub-compact SUV, both of which have received tremendous response since their launch.
The company has taken steps to meet the increased demand by enhancing production capacity at its plant in Tamil Nadu. The production capacity has been raised by 50,000 units to reach a total of 820,000 units. This figure includes units manufactured for both the domestic and overseas markets. If Hyundai achieves this target, it will set a new personal best sales figure for the brand in India, with an expected total of 7.60 lakh units, surpassing the previous record of 7.10 lakh units achieved in 2018.
Although Hyundai’s existing models like the Venue, Creta, and the updated Verna continue to perform well in the Indian market, it is the Exter that has become a standout performer since its launch in June. With over one lakh orders received, the Exter has been a significant contributor to Hyundai’s overall sales growth.
Hyundai’s success in India is part of a broader global trend. Over the past 27 years, Hyundai has steadily increased its share in the global Hyundai sales pie, jumping from 15.6 percent in 2019 to 18.6 percent in 2023 (January-September). The company now aims to further expand its market share and has set a target of 20 percent in the near future.
This remarkable achievement by Hyundai reflects the brand’s commitment to producing quality vehicles that resonate with customers. With its diverse range of models and continued focus on innovation, Hyundai is poised to maintain its upward trajectory in the Indian market.
Q: What is Hyundai’s target for domestic sales in India?
A: Hyundai aims to achieve a personal best of six lakh units in calendar year 2023.
Q: What models have contributed to Hyundai’s sales growth?
A: The Ioniq 5 electric vehicle and the Exter sub-compact SUV have been key contributors to Hyundai’s sales growth in India.
Q: What is Hyundai’s production capacity in India?
A: The production capacity at Hyundai’s plant in Tamil Nadu has been increased to 820,000 units.
Q: What is Hyundai’s global market share goal?
A: Hyundai aims to achieve a 20 percent market share globally in the future.
Q: When was the Exter SUV launched, and how has it performed?
A: The Exter SUV was launched in June and has received over one lakh orders since its introduction. It has been a standout performer for Hyundai in the Indian market.