Hyundai Motor India has achieved its highest-ever annual sales figures in FY 2022-23, despite the challenges presented by the global pandemic and supply chain disruptions. The company has recorded YoY growth of 18% in sales, with total sales of 7,20,565 units, including 5,67,546 domestic sales and 1,53,019 exports. This strong performance can be attributed to Hyundai India’s recent model launches in the Indian market and increased demand for its SUV models.
Hyundai India's Successful Year in FY 2022-23
Hyundai India has had a successful year with strong growth reported for its model lineup. In FY 2022-23, the company registered its highest-ever domestic sales of 5,67,546 units, a YoY growth of 17.9%. Hyundai Motor India introduced several new products, including the Tucson, new Venue, electric Ioniq 5, facelifted Grand i10 NIOS / Aura, and new-gen Verna, targeting different segments of buyers in the country. Consequently, the company’s exports also increased by 18.4%, taking cumulative sales to 7,20,565 units, an increase of 18% compared to the previous fiscal year.
Hyundai's Sales Performance in March 2023
In March 2023, Hyundai Motor India reported domestic sales of 50,600 units, a YoY growth of 13.45%, with a 7.73% MoM growth compared to February 2023. The company sold a total of 61,500 units (domestic + exports), an increase of 11.2% compared to total sales of 55,287 units sold in March 2022. While exports increased by 1.99% YoY to 10,900 units in March 2023, the sales in the domestic market primarily drove the overall sales growth. The high demand for Hyundai’s SUV models, such as the Creta, New Venue, Alcazar, Tucson, Aura, and Grand i10 Nios, has led to a waiting period stretching up to 32 weeks for the diesel version of Creta.
Hyundai's Future Plans for India
Despite the pandemic, Hyundai India has been proactive in introducing new products, and its strong sales performance in FY 2022-23 highlights its success in the Indian market. The company plans to launch the facelifted Creta and Creta EV in India soon. The i20 premium hatchback has a waiting period of 16 weeks, and the Alcazar’s waiting period extends to 16 weeks. The i10 NIOS commands a waiting period of 20 weeks, and the Venue has a waiting period of 32 weeks, depending on the variant. The 2023 Verna mid-size sedan deliveries have already started, featuring a new design, feature updates, several first-in-segment features, and a powerful turbo petrol engine lineup.
Hyundai SUVs in High Demand
Hyundai’s SUV models, including the Creta, New Venue, Alcazar, Tucson, and Grand i10 Nios, have driven the company’s sales growth in India. However, this high demand has resulted in waiting periods for some models stretching up to 32 weeks for the Creta diesel variant. The facelifted Creta and Creta EV are expected to further increase the demand for these models.
Verna Mid-Size Sedan Update
In addition to its successful SUV lineup, Hyundai has also updated its Verna mid-size sedan for 2023. The new Verna comes with a fresh design, feature updates, several first-in-segment features, and a have already started, and the model has received a positive response from customers. The Verna is known for its spacious interiors, comfortable ride quality, and advanced features, making it a popular choice among mid-size sedan buyers in India.
Hyundai's Commitment to the Indian Market
Hyundai Motor India’s record-breaking sales figures in FY 2022-23 showcase the company’s unwavering commitment to the Indian market. Despite the challenges posed by the pandemic and supply chain disruptions, the company has continued to launch new models and cater to the evolving needs of its customers. Hyundai’s strong focus on R&D and innovation has helped it stay ahead of the competition and build a loyal customer base in India.
The company’s success can also be attributed to its extensive dealership network and after-sales support. Hyundai has over 1,200 sales and service outlets across India, making it easy for customers to access its products and services. The company’s customer-centric approach has earned it several awards and accolades, including the J.D. Power India Customer Service Index (Mass Market) award for four consecutive years.
Hyundai's Future Plans for India
Hyundai Motor India has ambitious plans for the Indian market and aims to continue its growth trajectory in the coming years. The company plans to introduce several new models in different segments, including electric vehicles and SUVs. The facelifted Creta and Creta EV are expected to be launched soon, and the company has also announced plans to launch a new sub-compact SUV, the AX1, in the near future.
In addition to new product launches, Hyundai also plans to invest in R&D and localization to cater to the unique needs and preferences of Indian customers. The company is also committed to promoting sustainable mobility and has set a target to achieve carbon neutrality by 2045.
Conclusion
Hyundai Motor India’s record-breaking sales figures in FY 2022-23 highlight the company’s success in the Indian market and its commitment to its customers. Despite the challenges posed by the pandemic and supply chain disruptions, Hyundai has continued to launch new models and meet the evolving needs of its customers. With its strong focus on R&D, innovation, and customer service, Hyundai is well-positioned to continue its growth trajectory and maintain its position as one of the leading players in the Indian automotive industry.
