Hyundai India sells 309,772 units in first-half 2024, SUV share grows to 66%

Hyundai Motor India has reported dispatches of 50,103 units in June 2024, which makes for flat sales and just 102 more vehicles than a year ago (June 2023: 50,001 units) but 952 units more than May 2024’s 49,151 units.

First-half CY2024’s dispatches of 309,772 units are 54% of CY2023's 602,111 units. Sustained demand for SUVs has helped save the blushes for Hyundai. 

Cumulative sales for the January-June 2024 period at 309,772 units are a 5% YoY increase (H1 2023: 296,010 units), with SUVs helping save the blushes for the Korean car and SUV manufacturer. Hyundai Motor India retails 11 models in India SUV — two hatchbacks (Grand i10 Nios, i20), two sedans (Aura, Verna) and seven SUVs (Creta, Venue, Alcazar, Exter, and Tucson along with the all-electric Ioniq 5 and Kona). However, in the past month, the company has pulled the all-electric Kona from the market.

In CY2023, Hyundai Motor India had posted record wholesales of 602,111 units, up 9% on CY2022’s 552,511 units. Its first-half CY2024’s dispatches of 309,772 units are 54% of that total. On the fiscal year front, first-quarter FY2025 sales at 149,455 units are up 2% (Q1 FY2024: 148,303 units). Hyundai had notched a fiscal high of 614,721 units in FY2024, when it crossed the 600,000 sales milestone for the first time since its market entry over two decades ago.

Like market leader Maruti Suzuki, Hyundai Motor India too continues to feel the heat of slackened sales of hatchbacks for its Grand i10 Nios as well as the premium i20. However, sedan sales for the company are strong with demand growing for the entry level Aura and the Verna, which has received a boost with the rollout of the sixth-generation model.

SUVs continue to be the bulwark of the company’s sales in the domestic market. The new Creta, which is India’s best-selling midsize SUV, and the Venue and Exter compact SUVs continue to be the growth drivers. According to Tarun Garg, COO, Hyundai Motor India, SUVs have contributed to 66% of the total sales in the first six months of the year. This translates into 195,366 units of which the new Creta, launched in January 2024, has accounted for 91,348 units or 47 percent.  In overall terms, the Creta accounts for a 30% share of Hyundai's passenger vehicle dispatches of 309,772 units, clearly establishing its importance in the model ladderboard. 

Hyundai now has two compact SUVs – Venue and Exter – hunting in a pack in the booming segment that sold over a million units in FY2024 and accounted for 25% of India PV Inc’s record 4.21 million-unit sales last fiscal. The Exter, launched a year ago, has given the Korean carmaker a new charge in a competitive market. 

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