India ahead of China to become third-largest global market for Hyundai: Top spot in radar

Hyundai Motor Indiaon Friday said that it is set to achieve the six-lakh domestic sales milestone in the calendar year 2023 for the first time ever since its entry in India. Interestingly, India is ahead of China and is the third-largest global market for the South Korean carmaker. This also testifies the success of the Make in India campaign. With a contribution of 18.6 percent to the global Hyundai sales in 2023, the company stands only behind the US and the EU in terms of global market share.
Speaking to the media on Friday, Unsoo Kim, Managing Director and Chief Executive Officer, Hyundai Motor India, said that the carmaker is aiming to make India the number one market in the world for the brand in the coming years. However, he didn’t mention a timeline for the same.

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HMI also emphasized its commitment to achieving an annual production capacity of 1 million units in the short to mid-term. The company has already increased its yearly production capacity at the Chennai plant by over 50,000 units earlier this year. Additionally, the carmaker has acquired General Motors’ Talegaon plant, which is set to roll out its first vehicle in 2025.
With the recent expansion, Hyundai’s current annual production capacity stands at 8.2 lakh units. The company has also announced plans to invest Rs 20,000 crore in the Chennai facility for production expansion, research and development, and the establishment of a battery manufacturing plant.
In October, ahead of the ongoing festive season, the carmaker clocked 55,128 domestic sales, an uptick of 14.84 percent as against the 48,001 units sold in the corresponding month last year. The manufacturer has witnessed a substantial growth in its sales in India on the back of a refreshed portfolio, which includes the facelifted Verna and the all-new Exter compact SUV, both of which have been faring well in terms of sales in their respective segments.


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