Hyundai Motor India increases its share of Hyundai’s global sales to 14% in CY2022
Hyundai Motor Company has reported total global sales of 3.94 million vehicles (3,944,579 units) in CY2022, a 1.4% increase over CY2021’s 3,890,726 units.
In its statement, the Korean carmaker said, “Despite the challenging business environment caused by the ongoing pandemic and component supply issues, sales outside of Korea increased 2.9% to 3,255,695 units, thanks to the demand recoveries in global auto markets, supported by the strong sales of the company’s flagship and new models. Sales in Korea totalled 688,884 units, a 5.2% decline from a year earlier. “
India, which has recorded its best-ever passenger vehicle sales of 3.8 million units in CY2022, ranks among Hyundai Motor Group’s strong overseas markets, where its Indian operation is the No. 2 player after the well-entrenched Maruti Suzuki.
Hyundai Motor India, which retails five SUVs (Creta, Venue, Alcazar, Tucson and Kona), two hatchbacks (i10 Grand, i20 Elite) and the Xcent/Aura sedan, recorded its best-ever annual sales of 552,511 units in CY2022, an increase of 9.4% over CY2021. When seen as a share of Hyundai’s global sales in CY2022, the India market contribution is 14%, up from 13% in CY2021 when it accounted for 505,033 units out of total global sales of 3,890,726 units.
India share of overseas markets: 17%
When seen solely in terms of overseas markets’ contribution, Hyundai Motor India’s numbers see a further increase in percentage terms: 17% in CY2022 (552,511 units out of total overseas sales of 3,255,695 units) and 16% in CY2021 (505,033 units out of 3,163,888 units).
In 2023, Hyundai is aiming global sales of 4.32 million units, including its Genesis luxury brand, with optimized business strategies tailored for each region. The company aims to sell 3.54 million units in overseas markets and 781,000 units in Korea.
Hyundai Motor India’s sibling, Kia India, too is a strong contributor to its parent company’s global sales. With sales of 254,556 units, up 40% YoY, in CY2022, Kia India recorded its best-ever annual sales and contributed 9% to Kia’s global sales of 29,03,619 units. And, its best-seller, the Seltos SUV contributed over 30% to global sales of the SUV.
Hyundai with 15.45% and Kia with 7.27% together currently account for a near-23% share of India’s passenger vehicle sales. The Korean siblings achieved record calendar year sales mainly because of accelerated production levels, which put together hit the 1.04 million milestone last year. Hyundai Motor India with around 700,000 units and Kia India with 340,000 units rode a wave of demand for utility vehicles in 2022, even as they exported a good number of made-in-India PVs to overseas markets