Hyundai Motor sets sight on domestic sales of 600,000 units in CY2023

Hyundai Motor India Ltd (HMIL), the Indian arm of South Korean automaker Hyundai, said on Friday that the company is all set to hit a record domestic annual sales of 600,000 in the calendar year 2023. This is compared to 552,511 units in 2022.

HMIL also reiterated its plans to invest around Rs 20,000 crore strategically towards building an electric vehicle (EV) ecosystem in India. The company said that it is also on course to record the highest ever total sales (domestic plus export put together) in its history. HMIL’s contribution to Hyundai global sales stands at 18.6 per cent in 2023 (January to September) as against 15.6 per cent in 2019.

 

In 2023, Hyundai increased its annual production capacity at its Chennai plant by about 50,000 units to a total of 820,000 units. 'Further fortifying the commitment to future growth and production expansion, Hyundai has signed an asset purchase agreement with General Motors to acquire the Talegaon plant. This acquisition will act as a catalyst towards reaching the one-million production milestone for HMIL in the short to mid-term,' a company statement said.

Hyundai Motor India has also pledged an investment of Rs 20,000 crore in Chennai towards capacity expansion, new products, and a battery assembly plant. Aligning with the 'Make in India' initiative, the company has localized the production of its 1.5-litre turbo engine in India, emphasizing the ever-increasing strategic importance of the Indian market, it added.

The company said that the newly launched entry SUV, Exter, has taken the industry by storm and already received an overwhelming response with close to 100,000 bookings in a short time. 'Creta remains the undisputed segment leader with eight years of dominance and more than 950,000 satisfied customers. Creating a paradigm shift in EV mobility in India, Ioniq 5 has also received an astounding response with close to 1,000 vehicles sold so far since its launch in early 2023,' it said.

Hyundai Motor India is taking active steps to strengthen the EV infrastructure in India by building a comprehensive EV charging ecosystem. Hyundai has committed to 100 EV charging stations in the home state of Tamil Nadu. The company is developing fast public chargers across key cities of Mumbai, Pune, and highways such as Delhi-Chandigarh, Mumbai-Surat, Hyderabad-Vijayawada, and more. Hyundai is also equipping its dealerships with DC 60KW fast chargers at 14 key locations and providing convenient home charging solutions for Ioniq 5 and Kona customers.