Following record sales in CY2022, sustained growth for Hyundai Motor India and Kia India in January and February 2023 sees them maintain a strong level of contribution to their parent companies’ global sales.
05 Mar 2023 | 11496 Views | By Ajit Dalvi
The smart growth of the Indian passenger vehicle market, which surpassed a record 3.8 million vehicles in CY2022 and continues to record strong numbers in 2023, is paying off for the Hyundai Motor Group. The Korean automaker is increasingly witnessing growing contribution to its global sales from its Indian operations ...
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The smart growth of the Indian passenger vehicle market, which surpassed a record 3.8 million vehicles in CY2022 and continues to record strong numbers in 2023, is paying off for the Hyundai Motor Group. The Korean automaker is increasingly witnessing growing contribution to its global sales from its Indian operations through Hyundai Motor India and Kia India. The just-announced February 2023 sales are a good indicator of this market dynamic.
Hyundai Motor Company recorded total global sales of 327,718 units in February 2023, a 7.3% increase year-over-year. Its sales outside of Korea increased by 4.1% to 262,703 units. The Indian market, along with the North American, European and ASEAN markets helped drive momentum.
Kia India packs a punch
Kia Corporation has reported total global sales of 254,027 units in February 2023, a 14.7% increase YoY. While its Korean market sales increased 26.9%, sales outside of Korea increased 12% over February 2022 sales. Kia India, which sold 24,600 units in February, accounted for 9.68% of Kia’s global sales and 12% to overseas sales of 203,708 units last month. In January 2023, Kia India, which recorded its best-ever monthly sales of 28,634 units, accounted for 12.17% of its parent company’s global sales of 235,105 units.
Since its market entry in August 2019 with a single product, Kia India is now a formidable player in India’s passenger vehicle market with five products – the Seltos midsize SUV, Sonet compact SUV, Carnival and Carens MPVs and the EV6 electric crossover – it has an around 13.5% utility vehicle share and is ranked fifth in the overall passenger market of 15 players.
In 2023, Kia is targeting global sales of 3.2 million units. By region, Kia expects to sell 585,120 units in Korea and 2.61 million vehicles overseas. It will surely be banking on Kia India to deliver the goods once again this year.
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