 "Riding on fresh demand, Hyundai Motor sees around 9% growth in FY24")
Riding on fresh demand and enhanced supplies of vehicles, the country's second largest passenger vehicle (PV) player Hyundai Motor India (HMIL) expects 8-9 per cent growth in this calendar year, a senior company official said.
Speaking at the sidelines of the 63rd Siam (Society of Indian Automobile manufacturers) Convention, Tarun Garg, chief operating office of HMIL, said the market is doing good, and that too on a high base of last year, which was the highest ever sales of PVs.
"On that base, the January to August sales growth rate is about 9 per cent, and Hyundai has also grown by 9 per cent," he added.
Between January to December 2022, HMIL sold 552,511 units, a 9 per cent (year-on-year) Y-o-Y growth.
Garg said that there are some challenges like rainfall deficit, inflation and interest rates. But Onam has started on a positive note in Kerala and they are expecting a 10 per cent growth in Onam sales.
“We are on a healthy stock this year festival season, unlike the last two years. Last year we had 10-days of stock and a huge back-order. That is not good for a festival season. We are on a healthy stock of 20-25 days this year, and the waiting period has also reduced. Last year there was pent up demand too. Now it is in fresh demand," Garg told reporters.
Exter is one example of fresh demand, he said, adding: "Hyundai will end up this year at 8-9 per cent growth. For September, we expect 8-9 per cent growth and October to December quarter would also be 8-9 per cent growth."
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SUVs contributed 54 per cent to HMIL sales in H1 (January to June), and in July and August, with the Exter coming in, it has grown to 64 per cent.
"If we see industry numbers, in H1 SUVs contributed 46 per cent (of PV sales), and now including Exter it is 49 per cent," Garg said.
Meanwhile, HMIL said it is considering sending a few of its models for the Bharat NCAP, but didn't disclose further details.