The downturn in the auto business has continued even in August where all automakers have recorded a bigger Year-on-Year (YoY) decline in sales compared to the previous month. India’s second largest carmaker- Hyundai has witnessed a drop of 16.58 per cent in sales selling 38,205 units as compared to 45,801 units which were sold in the same month last year. The decline turns out to be even most deterrent for the Korean carmaker which managed with just 3.8 per cent drop last month (July 2019) riding on the success of its latest compact SUV- the Hyundai Venue. Hyundai also had to cut production in August in a bid to keep a check on the inventory.
That said, Hyundai has planned a strong product offensive for 2019 and is expecting a positive response from the market going ahead. Sounding optimistic about the future, Vikas Jain, National Sales Head – Hyundai Motor India Limited said, “In August, HMIL has continued to be market leader in Utility Vehicle Segment while maintaining its market share in Passenger Vehicles segment with strong performance of Grand i10 Nios, Venue, Creta and i20. We expect the coming festive season will be a turnaround period in the market with positive customer sentiments.” Festive season is typically the period when buyer sentiments turn positive and many plan their purchases around this time. Automakers who have been under pressure for a year now are expecting sales to pick-up around this time.
The next-generation Hyundai Creta is expected to arrive next year.The Hyundai Venue stood out to be second bestseller in the subcompact SUV segment within a matter of time and helped Hyundai to grab a market share of 19.4 per cent last month, all-time high for Hyundai since the company started operations in India. The Grand i10 Nios has too joined the fray and according to our review, it’s quite capable to give the market leader a tough time. Hence, Hyundai has all the reasons to be optimistic. Moreover, the company did see its export rising in August by 10.48 per cent selling 17,800 units as compared to 16,111 units, however, its cumulative Y-o-Y sales (Domestic + Export) dropped by 9.54 per cent at 56,005 units as compared to 61,912 units which were sold in August 2019.
[“source=ndtv”]