Hyundai Motor registers 9% growth in 8 months of 2016

Market share has grown marginally to 17 per cent till August, compared to 16.8% last year

Hyundai Motor India had posted a growth of nine per cent in sales as compared to the industry growth of seven per cent in the first eight months of the year, said Y K Koo, managing director and chief executive of the company. The automobile company has seen a booking of 400 units of Elantra sedan  in a few days till the end of August.

“We have sold 3,27,844 units in the past eight months and a nine per cent growth against the market growth of 7.5 per cent. We are ahead of the industry growth,” said Koo after inaugurating the company’s first Global Dealership Space Identity showroom in Chennai.

In terms of market share, the company has recorded a 17 per cent of the total market during the eight months till August, against the 16.8 per cent in the year-ago period. The company is looking at sales of 0.5 million units during the year and exports of another 0.16 mn units.

The company is expecting 300 units of premium Elantra sedan, which it had launched in August 23. It has seen about 400 bookings till August-end. The size of the market in the segment was around 1,000 cars a month and the firm was targeting 30 per cent, said Koo.

He said the bookings were expected to go up from September and the waiting period would be one and a half to two months. He adds the firm doesn’t have plans to add products in the entry-level segment, where it currently has the compact car, Eon.

The manufacturing facility of the company in the country has a capacity utilisation of 93%, with some space for capacity utilisation since it can go up to manufacturing 7-7.1 lakh units, which may happen in another two years, he added.