In what has been a record fiscal for passenger vehicle sales in India, it is but natural that the No. 2 industry player will also register strong double-digit growth in FY2023. Hyundai Motor India has achieved that on both fronts – domestic market sales as well as exports. And, interestingly with matching year-on-year growth: 18 percent.

The Chennai-based Korean carmaker, which retails a total of nine products in India – five SUVs (Creta, Venue, Alcazar, Tucson, Kona), two hatchbacks (i10 Grand, i20 Elite) and two sedans (Verna, Xcent /Aura) – sold a total of 567,546 units, up 18% (FY2022: 481,500 units). This performance is its best-ever in a fiscal year in the domestic market, beating the previous best of 545,243 in FY2019 (see 10-year sales table below). March 2023 wholesales of 50,600 units were also its best in the past 12 months. 

According to the company, key contributors to growth in FY2023 were Hyundai’s longstanding best-seller, the Creta, along with the Venue compact SUV, Alcazar and Tucson midsize SUVs, Aura sedan and Grand i10 Nios hatchback. All six models recorded their best-ever fiscal year sales albeit the company has not provided specific model-wise data.

On the export front, Hyundai Motor India shipped a total of 153,019 units. While this constitutes an 18.4% increase on FY2022’s 129,260 units, it is still considerably below the company’s best export performances – 259,811 units in FY2013 and 233,620 units in FY2014. Now, it is learnt that Hyundai Motor India has been tasked with global shipments of the new sixth-gen Verna, which should help accelerate the company’s exports in FY2024.