India to be Hyundai's number one market in the near future, says MD Unsoo Kim
economictimes.indiatimes.comHyundai in the near future, India Managing Director Unsoo Kim said, adding, the company expects nearly a fifth of its global sales to come in from the country in the next 2-3 years.
Indian subsidiary Hyundai Motor India (HMIL) — which contributed 18.6% to global sales in the first half of the year — is looking at growing by 8.5-9% to post its best-ever sales of 600,000 units in the local market in the ongoing calendar year.
Unsoo Kim, Managing Director, Hyundai Motor India Limited (HMIL) said, “I see the Indian market very positively.
Right now, United States is the largest market for Hyundai Motor Company (HMC), followed by South Korea. India is currently number three, but we aim to be number one in the near future.”
HMI contributed 15.6% to global sales in 2019.
Despite global headwinds — the war between Russia-Ukraine and Israel-Palestine — demand momentum has remained strong in India.
Sales of passenger vehicles in the local market, in fact, are expected to breach initial growth estimates and end at 8.5-9% higher over volumes of 3.79 million units reported in CY2022.
“I am confident India will do better than other countries including China and other countries in Western Europe (in 2024)”, Kim added.
Hyundai has signed as asset purchase agreement to acquire the now defunct factory of General Motors to increase capacity, mid-term.
Tarun Garg, Chief ke Operating Officer (COO), HMIL, said, “In the midst of global headwinds, India appears to be shining. Sooner, than later we will be inching closer to 20% (contribution to global sales). With the new capacity coming in, we will breach the 20% mark in the next 2-3 years.”
More immediately, Hyundai Motor India, which introduced three new models across segments this
