Like all other manufacturers, Hyundai too have recorded a drop in sales by 9.54% across both domestic and export segments for August.
Another month has gone down and carmakers continue to report about declining year-on-year sales. The slowdown in gravely affecting the automobile industry. Hyundai sales report records a decline in year-on-year domestic sales by 16.58%, selling 38,205 units as compared to 45,801 units which were sold in the same month last year.
Hyundai is India’s second largest carmaker and yet the slowdown has turned out to be even more deterrent for them as they had managed with just 3.8% drop last month, primarily riding on the success of the Venue sub-compact SUV. Hyundai even had to cut production in August in order to keep the inventory under check.
Hyundai has however planned for a strong product offensive strategy for 2019 and expecting market conditions to be favorable for them in the near 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.”
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The Hyundai Venue has been the second best selling sub-compact SUV in the segment and has helped Hyundai grab a market share of 19.4% last month. The new Hyundai Grand i10 Nios is also a very competent product and has enough reasons to give the market leader a run for its money. So yes, with a product offensive strategy, Hyundai will soon make up grounds.
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Moreover, Hyundai did see a growth in the export market by 10.48%, selling 17,800 units as compared to 16,111 units sold last year in the same month. However, cumulative sales of domestic and exports combined, Y-o-Y sales still show a negative growth of 9.54%, selling at 56,005 units as compared to 61,912 units which were sold in August 2018.
