Hyundai Anticipates 6% Growth In 2018
South Korean car maker Hyundai Motor India crossed the target of 5.2 million units sold in the domestic market in 2017. After introducing a new model of a mid-sized sedan, Verna, the demand has been strong enough. This helped Hyundai achieve the sales target. Hyundai is setting up to launch an entry-level car soon.
In the year 2018, the company has targeted to sell 7 Lakh vehicles and 5.5 Lakh units in the domestic market. The company is aiming at 5–6% growth in sales in the New Year.
Sales and marketing director Rakesh Srivastava at Hyundai Motor India says that we have achieved such a good growth by just changing the design of new launches and some older models. Srivastava said, “2017 has been spectacular for the Hyundai. The company has made full use of production capability with a prime focus on quality. He said that we intend to enter new segments with all new products and to maintain this growth momentum in 2018.”
The most important thing is that the performance of Hyundai Motor India in the domestic market is not good. The company is sending cars from India to a large number of other countries. In the coming years, it will also export small cars such as Eon, Grand i10 and i20, mid-sized sedan and utility vehicle Creta. This will help the company to increase sales. After Maruti Suzuki, Hyundai is the only company whose sales volumes are increasing every year. Today, there are three models of the company’s Grand, Elite and Creta in India’s top 10 models.
In the last few years, the number of buyers in the segment was 8 to 25 lakhs, which have increased rapidly. Hyundai will shift its focus to this range for a few years. The company is building a new car named AH2, which will match Maruti Suzuki’s new generation Alto and Reno’s Quiddy. After this, the company will revert to Elite i20, and in 2018, a refreshed model of Creta SUV will be brought. Hyundai will bring the SUV smaller than 4 meters, which is codenamed as QXi in 2019, which will help the company to increase its share in the SUV market by up to less than 1 million.
Hyundai Motor India is discovering the opportunity of bringing micro SUV QXi to India. However, there is no specific plan for this now. India is the rapidly emerging market around the globe for Hyundai. This is a big market for the company from Europe. In the past, the headquarters of the company gave the dependability of making Verna the next top model for the global market. Hyundai has promised to pour more than $2 billion in the Indian market from 2017 to 2022.