Hyundai Motor India , the country's second-largest automaker, is gearing up for a potential sales boost during the upcoming festive season, buoyed by recent GST reforms. Tarun Garg, Chief Operating Officer of Hyundai Motor India, expressed confidence in maintaining the company's market share amid these developments.

Swift Response to GST Reforms

Hyundai was among the first automakers to pass on the full benefits of GST reductions to its customers, implementing price cuts of up to Rs 2.40 lakh across its model range. This proactive approach positions the company favorably as it prepares for the traditionally high-demand festive season.

Inventory Management and Sales Strategy

Despite facing high inventory levels due to slower sales in recent months, Hyundai views this as an opportunity. The company is leveraging its stock to boost bookings ahead of the festive season, anticipating increased consumer interest following the price reductions.

Market Dynamics: Rural Growth and Urban Potential

Garg highlighted an interesting shift in Hyundai's market dynamics:

• Rural markets have emerged as a significant growth engine, with their contribution to total sales increasing from 19% to 23%.
• Urban markets are expected to see renewed interest, benefiting from the recent GST cuts.

Focus on SUV Segment

Hyundai anticipates strong performance in the sub-Rs 10 lakh SUV segment. To further stimulate sales, the company is offering additional customer incentives beyond the GST benefits.

Long-standing Market Position

Hyundai has maintained its position as the second-largest automaker in India, behind Maruti Suzuki, for two decades. With 29 years of operations in the country, the company's deep understanding of the Indian market continues to be a key strength.

As the festive season approaches, Hyundai's strategic pricing moves and focus on both rural and urban markets could potentially drive sales growth. The company's ability to adapt to regulatory changes and market demands will be crucial in maintaining its strong position in the competitive Indian automotive landscape.

Hyundai Motor India Limited (HMIL) has released its sales figures for August, revealing a slight decline in overall sales compared to the same period last year. Despite the dip, the company's export performance shows promising growth, aligning with India's 'Make-in-India' initiative.

August Sales Performance

Hyundai Motor reported total sales of 60,501 units in August, representing a 4.3% decrease from the 63,200 units sold in the same month of the previous year. The sales figures can be broken down as follows:

Export Growth Highlights

While overall sales saw a slight decline, Hyundai's export performance stood out as a bright spot. The company reported a robust 21% year-on-year growth in exports for August. This surge in international shipments underscores Hyundai's commitment to establishing India as a key manufacturing hub for global markets.

Strategic Focus on Exports

Mr. Tarun Garg, Whole-time Director and Chief Operating Officer of HMIL, commented on the company's performance, emphasizing their pride in the 'Make in India' initiative. He stated, "Our goal is to establish India as a strategic manufacturing base for emerging economies and to become Hyundai's largest export hub outside South Korea."

Garg further added, "By synergizing world-class manufacturing technologies with the supremely skilled Indian workforce, we continue to play a pivotal role in supporting Government of India's 'Atmanirbhar Bharat' initiative."

Year-to-Date Export Performance

The strong August export figures contribute to an impressive year-to-date performance. HMIL has already exported 118,840 units during the January to August period, further solidifying its position as a global manufacturing hub for Hyundai Motor Company.

Outlook

While the domestic market showed a slight contraction, Hyundai's focus on exports appears to be paying dividends. The company's strategy aligns well with India's push for self-reliance and increased manufacturing prowess on the global stage. As Hyundai continues to leverage India's skilled workforce and manufacturing capabilities, it will be interesting to see how this balance between domestic sales and exports evolves in the coming months.

Hyundai Motor India Limited remains committed to delivering world-class, value-driven products tailored for both domestic and global markets, reinforcing its role in India's automotive sector and export landscape.