Hyundai Motor India expects SUVs to make up more than 60% of all sales by 2023: Tarun Garg, COO

Hyundai Motor India expects SUVs to make up more than 60% of all sales by 2023: Tarun Garg, COO

The automaker's total sales from January to October of this year were $63,535, up 11.15 percent from $58,956 in the same months last year. Sales in the domestic market increased by 9.49 percent to 5,09,910 units during the period from 4,65,678 units during the same time previous year.

According to company COO Tarun Garg, Hyundai Motor India Ltd. is on target to reach 60% of its total domestic sales from SUVs this year, with models like the recently released Exter and the Creta driving the rise.

Despite worries about the geopolitical climate across the world, the firm is optimistic in maintaining the pace of its foreign shipments, especially as exports have increased over the past three months.

As we said at the beginning of the year, we would have more than 60% by the end of the year.We are getting close to there presently," Garg said to PTI.

In response to a question about how much SUVs will add to the company's total sales given the market momentum its models have had, he was speaking.

He said, "The good news for us is that, compared to the industry SUV proportion of 48%, the SUV contribution increased to 63 percent in October and has remained at 59 percent so far this year. Thus, it has significantly aided us in surpassing the industry's January through October performance figures.

In October 2023, Hyundai Motor India Ltd (HMIL) recorded total sales of 68,728 units, up 18.48 percent from 58,006 units in the same month the previous year.

Total sales for the January–October period of this year were $63,535, up from $58,956 in the corresponding months of last year, representing an 11.15 percent increase. Sales in the domestic market increased by 9.49 percent to 5,09,910 units during the period from 4,65,678 units during the same time previous year.

According to Garg, SUVs accounted for 53% of the company's overall sales in the beginning of 2023.

He gave an explanation for the rise in HMIL's SUV sales, saying, "The Creta is still an excellent vehicle. It continues to dominate the sector with a 16 percent year-to-date rise. Exter is also doing really well.

The Hyundai Creta has competition in the Indian passenger car market from vehicles such as the Kia Seltos and the Grand Vitara from Maruti Suzuki.

Regarding exports, Garg said that the firm is on pace to reach its annual goal of 1.6 lakh units, with the last two to three months showing promising results. The Hyundai Creta has competition in the Indian passenger car market from vehicles such as the Kia Seltos and the Grand Vitara from Maruti Suzuki.

He added that the business has been able to meet "backorders" for exports during the same period. "From July, we have been able to expand our capacity by about 4,000 units within one month so this gives us some leeway in terms of balancing domestic and export demand," he said.

The "Latin American markets have been developed doing quite well so that has really helped us to put in very healthy export numerical values," according to Garg, is another reason for the rise in exports.

He did concede, however, that there are worries about global geopolitical events, particularly with regard to Israel and the Middle East. "We're crossing our fingers, but the order inflow has been pretty good so far," Garg said, noting that HMIL has increased its exports over the last three months thanks to the supply flexibility.