Hyundai Motors holds the second largest carmaker position in the Indian market. The recently launched Creta compact SUV has been contributing considerably to the Korean automaker’s total sales in the country and with the newly launched Elantra, the company expects to see a further growth in numbers. Hyundai Motor India is not just expecting to sell half a million cars this year, but also expects to emerge as the first one to reach that mark.
Hyundai India sold about 4,75,000 cars in India in 2015 and this year it expects to witness a growth of about 6 per cent this year. Currently, the automaker holds about 17 per cent market share in the passenger vehicle segment and with the Elantra launch the brand will now strengthen its space in the executive sedan segment. Hyundai will be launching two new products every year and the next one to be rolled out during the festive season this year will be the premium SUV Tucson.
The new Hyundai Elantra is currently imported from South Korea and if the company sees an increase in demand for the sedan, it will consider locally producing the vehicle. The upcoming festive season will also see a boost in sales owing to the implementation of the Seventh Pay Commission report. The company is also ramping up Creta production to reduce its waiting period and address the growing demand.
