Hyundai Motor India records steady SUV contributions and CNG adoption, while Hyundai Mobis targets 40% global OEM market share by 2033, focusing on electrification, high-value components, and carbon neutrality by 2045.
01 Dec 2024 | 3167 Views | By Sarthak Mahajan
Hyundai Motor India Limited (HMIL) recorded total sales of 61,252 units in November 2024, comprising 48,246 units in the domestic market and 13,006 units in exports. For the year-to-date (YTD) period from January to November 2024, HMIL's cumulative sales reached 7,09,041 units.
Domestic sales for November 2024 were 2.4% ...
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Hyundai Motor India Limited (HMIL) recorded total sales of 61,252 units in November 2024, comprising 48,246 units in the domestic market and 13,006 units in exports. For the year-to-date (YTD) period from January to November 2024, HMIL's cumulative sales reached 7,09,041 units.
Domestic sales for November 2024 were 2.4% lower than the same period last year, while exports saw a 20.5% decline. Overall, total sales decreased by 6.9% compared to November 2023. For the YTD period, domestic sales grew by 0.7%, while exports declined by 2.8%, resulting in a marginal decrease of 0.04% in total sales compared to the same period in 2023.
SUVs contributed 68.8% to HMIL’s domestic sales in November 2024. Additionally, the company achieved its highest rural sales contribution to date, with rural markets accounting for 22.1% of domestic sales during the month. The share of CNG vehicles stood at 14.4%, supported by the introduction of Hy-CNG Duo technology.
Meanwhile, Hyundai Mobis, a key affiliate of Hyundai Motor Group, has outlined its strategic growth plans during its 2024 CEO Investor Day. The company targets a significant increase in its global automaker customer share in auto component manufacturing, aiming to expand from the current 10% to 40% by 2033. It also seeks to achieve an average annual revenue growth of 8% and an operating margin of 5-6% by 2027.
Hyundai Mobis is focusing on developing high-value components such as electronic braking systems (EMB) and steer-by-wire systems (SBW), replacing mechanical components with electrical signals. This initiative aims to achieve a 10% global market share in the chassis safety sector by 2030. Additionally, the company plans to expand its electrification portfolio by introducing products like economical electric powertrain systems and Extended Range Electric Vehicles (EREV), with mass production of the latter targeted for the end of 2026.
In alignment with its growth strategy, Hyundai Mobis is also enhancing its competitiveness in Software-Driven Vehicles (SDVs) and aims to consolidate its position in the electrification and electronics markets. By diversifying its business portfolio, the company seeks to strike a balance between growth areas like electrification and stabilization areas like modules, chassis, and safety systems.
Hyundai Mobis has also announced its commitment to achieving carbon neutrality, including its supply chain, by 2045. The company plans to transition to 35% renewable energy by 2025 and achieve full sustainability audits of its manufacturing sites by 2025 and its component sites by 2027. Through these efforts, Hyundai Mobis aims to position itself as one of the top three global automotive suppliers.