The Hyundai Sales report for July shows a decline in sales but its not as drastic as some other manufacturers. Also, they saw significant growth of exports of cars.
Hyundai India announced their monthly report today and keeping up with the trend, they too have recorded a decline in sales figure. However, the drop for Hyundai has been much lesser than other automobile brands, all of whom recorded double digit fall in sales. Hyundai, on the other hand witnessed a drop of only 3.8%.
Hyundai’s cumulative sales for the month of July stood at 57,310 units of vehicles as compared to 59,590 units of vehicles that were sold in July 2018. It was the domestic market which took the maximum hit, recording a decline of 10%, selling 39,010 units of vehicles as compared to 43,481 units sold in July last year.
However, Hyundai did cover up for the losses in the domestic market as they recorded a significant growth in exports. Hyundai recorded a growth of 13.6%, exporting 18,300 units of vehicles as compared to the 16,109 units that were exported during the same month in 2018. In fact, Hyundai has been doing quite well with its exports as they managed to record a growth in exports by 9% even for the month of June.
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Hyundai also launched the Kona electric SUV in India last month which is India’s first electric SUV. While Hyundai does not expect the Kona to contribute to sales siginificantly, it will soon be counted in the numbers along with the other cars. Hyundai also hiked the price of the Santro by Rs. 25,000 last month and on account of additional safety features, all Hyundai cars would see an increment in price by up to Rs. 92,000.
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The Indian automotive market has been low since the beginning of this current financial year itself. Customer sentiments have been poor due to increased prices and low credit availability, liquidity crunch and one time payment of insurance premium. However, carmakers have also had to check their inventories due to the incoming of the BS-VI norms because of which the wholesale numbers are low.
