With cumulative wholesales of 259,665 cars and SUVs between January and May 2024, Hyundai Motor India has contributed to 15.25% of Hyundai Motor Corp’s global sales of a shade over 1.70 million units.
05 Jun 2024 | 6506 Views | By Ajit Dalvi
On June 1, Hyundai Motor Company announced its global sales for the month of May 2024 – at 356,223 units, the year-on-year increase is 1.9% percent (May 2023: 349,637 units). With the brand witnessing solid sales momentum in North and South America and India, sales outside South Korea increased by ...
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On June 1, Hyundai Motor Company announced its global sales for the month of May 2024 – at 356,223 units, the year-on-year increase is 1.9% percent (May 2023: 349,637 units). With the brand witnessing solid sales momentum in North and South America and India, sales outside South Korea increased by 4.7% in May to 294,023 units.
The same day saw the Korean automobile major’s Indian arm, Hyundai Motor India announce its May 2024 dispatches of 49,151 units, up by 1% YoY (May 2023: 48,601 units). That takes its cumulative sales in the first five months of CY2024 to 259,665 units, which is 43% of the company’s record annual sales of 602,111 units in CY2023.
With Hyundai Motor Company’s total global sales in January-May 2024 being a shade over 1.70 million units (17,01,659 units), Hyundai India has contributed to 15.25% of its parent company’s global sales. This is the highest level yet achieved yet (see data table below), going ahead of the 14.27% it accounted for in CY2023.
As can be seen from the data table above, Hyundai Motor India’s share of Hyundai’s global sales has steadily increased over the years. Seen over a six-and-a-half-year period, the contribution from its Indian manufacturing and sales arm has risen from 12% in CY2018 to 15.25% in the first five months of CY2024. In terms of month-wise sales, Hyundai Motor India’s share of Hyundai’s global sales was highest in January 2024, when it hit its highest monthly dispatches yet – 57,115 units, which gave it an 18.09% share of global sales.
The Indian car and SUV market continues to be a key contribution to Hyundai Motor Group and is among the top-performing global markets for the Korean chaebol. Hyundai is betting big on India, which is currently one of the world’s most promising automotive markets, ranking third behind China and the U.S. India’s passenger vehicle market, which hit a record 4.21 million units (up 8.45%) including 2.52 million utility vehicles in FY2024, is expected to exceed 5 million units by 2030. And the Hyundai Motor Group is pressing the accelerator to achieve speedier growth through its two vehicle manufacturing arms in India (Hyundai Motor India and Kia India).
Hyundai Motor India retails 11 models in India — two hatchbacks (Grand i10 Nios, i20), two sedans (Aura, Verna) and seven SUVs (Creta, Venue, Alcazar, Exter, and Tucson along with the all-electric Ioniq 5 and Kona).
India’s growing status in Hyundai’s global scheme of things and the strong potential it holds is apparent from the fact that Hyundai Motor Group’s executive chairman Euisun Chung visited the country in April 2024. Amid the growing strategic importance of India, his visit to the country – the second in two years – was aimed at solidifying the Group’s position as a leading mobility provider in India, while also exploring various business opportunities in the rapidly evolving Indian market.
The HMG chairman conducted an in-depth review of and engaged in detailed discussions on Hyundai Motor Group’s mid-to long term strategies in India at the new Hyundai Motor India HQ in Gurugram. He also participated in a town hall meeting on April 23 to share the Group’s vision and engage with colleagues ahead of new opportunities such as the establishment of an annual production system of one million units (Hyundai and Kia combined) in India and promotion of the Group’s electrification strategy.
Hyundai Motor India, which has an existing manufacturing capacity of around 850,000 units per annum, has augmented its capacity with the recent takeover of GM India’s Talegaon plant. The company plans to commence operations at its Pune plant in the second half of 2025 and is currently making improvements to the facility to create a production hub capable of building more than 200,000 units annually, using smart manufacturing technology and systems.
New ICE and EV models for India
Having updated most of its compact cars with mid-lifecycle facelifts and the launch of the all-electric Ioniq 5, Exter compact SUV and sixth-generation Verna last year, Hyundai Motor India launched the new Creta, the first of its four SUVs for CY2024, in January. The new Creta has already received over 100,000 bookings and continues to power sales for the company.
The next model slated for launch is the Creta’s three-row derivative, the flagship Alcazar with its first major mid-lifecycle facelift with comprehensive exterior and interior updates. The facelifted Tucson, launched globally late last year, is also headed for India.
Then there’s the Creta EV, Hyundai’s first locally produced EV for India, which is slated to roll out of the Chennai plant at the end of 2024. The company plans to further produce five EV models by 2030. Hyundai Motor India will also utilize its sales network hubs, expanding the number of EV charging stations to 485 by 2030. Meanwhile, sister company Kia India plans to start production of its local EV model in 2025 and plans to further expand its EV models.
As is known, Hyundai Motor and Kia recently signed an MoU with Exide Energy Solutions, a leading Indian battery company, for local production of lithium-iron phosphate (LFP) batteries for dedicated Indian EV models.
All in all, there's plenty of action coming up from Hyundai Motor Group in this part of the world. Stay tuned for more updates.
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