Close [X]

Hyundai to close 2014 with more than 400,000 sales

South Korean auto major in India, Hyundai Motor India Ltd (HMIL), on Monday said it would close the calendar year 2014 with domestic sales of around 420,000 units.

“We are touching for the first time 400,000 car sales in the domestic market in a calendar year. We might touch around 420,000 by the year-end; and would do more than 200,000 units for exports from the country,” said Hyundai India executive director YJ Ahnwl.

According to the latest available industry data, annual four-wheeler sales in India constituted 2.5 million units. Estimates show the market would grow to touch 4.5 million by 2020.

HMIL, which is the second largest automobile manufacturer in India in terms of total sales, is set to roll out its maiden compact SUV along with the renewed Elite i20 in the domestic market next year.

“Hyundai is having only high-end SUVs in India. We are entering the new segment with the launch of a compact SUV next year,” said Ahnwl.

He was confident Hyundai would clock 8-9 per cent sales growth and corner a market share of more than 17 per cent in 2015, up from the current 16.45 per cent.

Stating that sales of diesel variants were coming down in the country, he said the company would come out with a better marketing strategy in the future and added it was producing 73 petrol vehicles for every 100 vehicles from its India facilities.