Hyundai Motor India Limited (HMIL) reported significant sales growth for October 2024, marking one of its highest-performing months since its establishment. The company announced total sales of 70,078 units, encompassing 55,568 domestic sales and 14,510 exports. This represents the third-highest monthly sales in the company’s history, showcasing continued robust performance within the automotive market.

Unprecedented SUV Demand Drives Sales Growth

The surge was primarily fueled by a record-breaking performance in HMIL’s SUV segment. October 2024 witnessed the company achieving its highest-ever monthly SUV sales at 37,902 units. This included the Hyundai CRETA, which set a new benchmark with 17,497 units sold domestically. SUVs accounted for an impressive 68.2% of Hyundai’s total domestic sales for the month, highlighting their widespread appeal across both urban and rural areas.

Tarun Garg, Whole-time Director and Chief Operating Officer of HMIL, indicated that the festive season played a crucial role in driving consumer interest. He noted that this unprecedented demand underscores the strength and popularity of Hyundai’s SUV lineup and the company’s focus on delivering superior quality and performance.

CNG Sales Surge as Hyundai Expands Eco-Friendly Offerings

In addition to the impressive SUV performance, Hyundai reported its highest-ever monthly CNG sales at 8,261 units, which contributed 14.9% to domestic sales in October 2024. This milestone aligns with the company’s broader strategy to cater to the growing demand for alternative fuel vehicles. The success was largely attributed to Hyundai’s innovative Hy-CNG technology, positioning the automaker as a forward-thinking leader in sustainable mobility solutions.

Year-to-Date Sales Indicate Steady Growth

Comparing year-over-year data, HMIL’s domestic sales showed a modest 0.8% growth from 55,128 units in October 2023 to 55,568 units in October 2024. Export numbers also increased by 6.7% from 13,600 units last October to 14,510 units this year. The company’s total YTD (January-October 2024) sales reached 647,789 units, slightly up from 643,535 in the same period of 2023, reflecting a stable 0.7% growth.

Expert Insights on Market Performance

Industry analysts note that Hyundai’s strategic focus on its SUV lineup, coupled with a successful festive season, has solidified its position in the Indian market. The increasing demand for SUVs mirrors broader consumer trends favoring vehicles with enhanced space, technology, and performance features. Analysts also emphasized that Hyundai’s diversification into CNG options has captured an expanding segment of eco-conscious buyers, showcasing the company’s adaptability in a competitive landscape.

  Gurugram, Hyundai CRETA, Hyundai Motor India Limited, India, Mumbai, National Stock Exchange of India Limited, SIPCOT Industrial Park, Tarun Garg