Unsoo Kim, Managing Director, Hyundai Motor India, said, India is a “focal” market for the company. “As we look forward to the next decade of progress for Hyundai Motor India, we will make strategic investments towards increasing production capacity, setting up new manufacturing units, democratizing EVs, introducing products and technologies matching customer and nation’s objectives”, Kim said on the sidelines of the launch of the Creta N Line priced between Rs 16.82-20.29 lakh (ex-showroom).
Hyundai Motor India recently committed investments to the tune of Rs 32,000 crore across Tamil Nadu and Maharashtra to towards capacity expansion, launch of new products, setting up battery pack assembly units, and other initiatives.
The company has received strong response to its latest launch SUV Creta, which has clocked more than 80,000 bookings in little over a month of launch. Tarun Garg, Chief Operating Officer (COO), HMIL, said the company is in the process of ramping up capacity to reduce waiting on the product.
In the ongoing calendar year, the company expects nearly two-thirds of its sales to come in from SUVs, backed by a refreshed product portfolio. Hyundai Motor India recorded 60% of its sales from SUVs in CY2023.
Overall, Garg said he expects the demand momentum to continue in the local market despite global uncertainties. “The Indian market is resilient and should grow in low single-digits this year. This is good given that we have had two years of record sales,” he said.Sales of passenger vehicles in the domestic market grew by 8.2% to breach the four million-mark for the first time in 2023. Hyundai too registered best-ever sales of 602,111 units last year.