Hyundai Motor India, an entirely owned subsidiary of Hyundai Motor Company of South Korea, mentioned rural markets are anticipated to contribute 20% of its sport utility automobile (SUV) sales within the 2024-25 fiscal.
‘‘Our SUV contribution from rural markets will be in the 20% range this year,” Tarun Garg, Chief Operating Officer, Hyundai Motor India told The Hindu. “More interestingly, rural SUV penetration and urban SUV penetration are equal now, this never happened in the past,” he added.
Hyundai’s SUV penetration in India is one of the very best at 65% as towards the business‘s 51%. The firm witnessed a spike in SUV sales within the month of April and the development is more likely to proceed all through the fiscal, he hinted.
According to Mr. Garg, Indian prospects need to have extra SUVs, and to cater to the various necessities, Hyundai has a full vary of SUVs together with Venue, Exter, Creta, and Alcazar in a number of variants. During FY23-24, the auto main offered 6 lakh automobiles, the very best ever within the nation.
On the general business situation, Mr. Garg mentioned, publish pandemic, the auto business had two successive years of excessive progress and two successive years of highest quantity progress between FY22-23 and FY23-24 with a progress of 20% and eight%, respectively.
“Most OEMs, after attending a recent conclave organised by the Society of Indian Automobile Manufacturers (SIAM), felt that because of the high base of growth in the last two years, the growth in FY24-25 could be in low single-digit. April growth was only 1.7%,” he commented.
He additional mentioned, as a result of of the excessive rate of interest, geopolitical danger, excessive base (created throughout FY22 and FY23) and absence of any pent up demand presently would imply the expansion of the business this yr could be restricted and in low single digit.
