Hyundai Venue, Creta Best Selling Hyundai Cars In India; But Sales Dipped By 14% In March Due To This Reason
Vehicle sales have declined in March, with Maruti Suzuki and Hyundai India reporting a YoY negative growth.
Both were significantly impacted by shortage in supply of semiconductors.
Hyundai’s sales for the month stood at 55,287 units, down 14.44 percent from sales in March 2021.
Both domestic sales and exports saw a decline.
Domestic sales for Hyundai stood at 44,600 units, down 15.21 percent over 52,600 units sold in March 2021.
Exports also dipped 11.10 percent to 10,687 units or 1,334 units down from 12,021 units sold the same period last year.
It was, however, a 1.25 percent MoM growth over 44,050 units sold in February.
Upcoming Hyundai Launches
The carmaker has a strategy in place to boost sales- new launches.
It is planning to launch as many as 7 new cars by 2024.
It will unveil the Creta and Venue facelifts later this year along with the new gen Tucson.
The fourth gen Tucson has been spied on tests and is poised to compete against the Citroen C5 Aircross, Jeep Compass and VW Tiguan in India.
It is expected to be priced between Rs 25 lakh-35 lakh.
Maruti recorded a decline of 7 per cent to 1,43,899 units from 1,55,417 units in the year-ago period.
It said that the supply crunch of electronic components had some impact on production.
The situation continues to be unpredictable, so it may hit production volume in FY23 as well.
It will announce a price hike if prices of inputs such as steel or aluminium continue to rise.
On the other hand, companies like Tata Motors, Kia India, Toyota Kirloskar Motor and Skoda Auto reported highest ever monthly sales in March.
Domestic companies Mahindra & Mahindra and Tata Motors have also enjoyed double-digit growth of 65 per cent and 43 per cent respectively in their sales in March.
Tata in particular set new records despite the pandemic, semi-conductor crisis and steep increase in commodity prices.
It ended the financial year with the highest-ever monthly sales of SUVs of 29,559 units.
Meanwhile its EV sales also enjoyed rapid growth in demand for the Nexon EV and Tigor EV.
Kia India, which is in its third year, also recorded its best-ever monthly sales, registering 22,622 units in March.
This is an increase of 18 per cent compared to the same month last year.
Kia India VP Hardeep Singh Brar said that the sales performance can be attributed to its recently launched Carens.
Skoda Auto reported a five-fold increase in its sales at 5,608 units in March compared to 1,159 units in the same month last year.
This is its best monthly performance in its two-decade history in India.
The last monthly high was recorded in June 2012 when it had dispatched 4,923 units.