Hyundai sells 3.12m units globally in first 9 months of 2023, India share rises to 14.5%

Hyundai Motor Company has reported global sales of 357,151 units in September 2023, which makes for flat sales (September 2022: 357,555 units) and 0.1% year-over-year decrease.

In September, sales numbers outside Korea increased by 0.9% with 303,240 units. According to the Korean carmaker, “The gradual recovery from the global parts shortage and production stabilization has helped the company secure solid performance in North American, European and Indian markets.”

Hyundai Motor India despatched 54,241 cars and SUVs in September, up 9% YoY (September 2022: 49,700 units), in what has been its best-ever monthly sales performance and contributed to 15% of Hyundai Motor Co’s global sales last month.

Hyundai’s sales in its home market of Korea decreased 5.3% to 53,911 units compared to year-ago September 2022 sales of 56,910 units. The all-new Grandeur flagship sedan (badged Azera outside of Korea) sold 8,159 units and Hyundai’s SUV models collectively sold 19,119 units in Korea. The Genesis luxury brand also maintained strong momentum with 8,514 units sold.

Meanwhile, the company sold around 18,000 units of its electric vehicle (EV) models in September worldwide. Hyundai states, “Despite continued uncertainties in the business environment, the company is maintaining robust sales momentum for SUV models thanks to the gradual recovery from the global parts shortage and the launch of new models, including the all-new Santa Fe and Kona SUVs.”

INDIA MARKET SHARE OF HYUNDAI'S GLOBAL SALES GROWS TO 14.5%

While September sales were flat, the cumulative January-September 2023 numbers spell a different growth story as a result of sustained demand for most of Hyundai models worldwide. The Korean carmaker sold a total of 3,127,001 units around the globe, up 7.7% year on year (January-September 2022: 2,904,051 units).

The first nine months of this year have seen Hyundai Motor India, which is Hyundai Motor Group’s car and SUV manufacturing arm in India that is now one of its largest global markets, Hyundai Motor India, sell a total of 454,782 units, which translates into 8.8% YoY growth (January-September 2022: 417,677 units). This total also means that Hyundai Motor India’s share of Hyundai Motor Co’s total global sales in the first nine months of this year is 14.54 percent, slightly higher right now than the 14% it had in CY2022 and 13% in CY2022.

Hyundai Motor India’s share, in terms of pure overseas markets’ contribution, rises to 17% given that Hyundai Motor Co’s total overseas sales in January-September 2023 were 2,563,482 units.

Hyundai Motor India’s first-nine-months’ performance is already 82% of its entire CY2022’s sales, which means it is en route to scaling a new high this calendar year. The Chennai-based company had sold 552,511 units in CY2022, which was a 9% increase over CY2022’s 505,033 units, and its best-ever sales for a calendar year. Having launched new products like the next-generation Verna sedan and the Exter mini-SUV, the company is gunning for 600,000-unit sales this year.

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