Hyundai Motor India’s November 2024 sales show growth despite challenges

Hyundai Motor India Ltd. (HMIL) announced total sales of 61,252 units in November 2024, highlighting both challenges and successes in its domestic and export performance. The breakdown of these sales includes 48,246 units sold in the domestic market and 13,006 units exported. Despite a slight dip in overall sales compared to the previous year, HMIL’s continued focus on strengthening its SUV segment and enhancing its rural presence contributed significantly to its results.

In a year marked by varying market conditions, Hyundai Motor India’s year-to-date (YTD) sales from January to November 2024 totaled 709,041 units. This figure, which includes both domestic and export sales, reflects the company’s strategic push toward innovation and reaching untapped markets.

SUV dominance and rural market expansion

Hyundai’s SUV segment maintained its stronghold in the Indian market, contributing 68.8% of domestic sales in November 2024. This result underscores Hyundai’s ongoing efforts to dominate the rapidly growing SUV market in India, where consumer demand for SUVs remains robust. Commenting on the results, Tarun Garg, Whole-time Director and Chief Operating Officer at Hyundai Motor India Ltd., emphasized the company’s success in bolstering its presence in rural areas. November marked a record achievement in rural sales, with a contribution of 22.1%, the highest ever recorded for HMIL.

The strong SUV performance, coupled with Hyundai’s efforts to strengthen its rural outreach, reflects a significant shift in the brand’s approach. This success is especially notable given the importance of India’s hinterland in driving automotive sales growth.

Hy-CNG technology strengthens Hyundai’s CNG sales

In addition to its strong SUV sales, HMIL also saw continued success with its Hy-CNG technology, which powered 14.4% of its total sales in November 2024. The innovative Hy-CNG Duo technology, which Hyundai continues to refine, remains a key selling point for the company, particularly in the eco-friendly vehicle segment. This contribution to CNG vehicle sales highlights Hyundai’s commitment to providing sustainable options for the Indian market, aligning with both consumer preferences and government policies promoting cleaner fuels.

Sales Performance Overview

November 2024 was a challenging month for HMIL in terms of total sales volume, as the company saw a slight decline in both domestic and export numbers compared to the same period last year. Domestic sales were down by 2.4%, with exports seeing a more significant decrease of 20.5%. However, year-to-date figures show a more stable picture, with total sales showing minimal decline of 0.04% compared to 2023. Despite challenges in exports, Hyundai has managed to sustain its position in the Indian market, indicating resilience amidst global economic factors.

Hyundai Motor India’s November 2024 sales results reflect a year of strategic adjustments, with a clear focus on SUVs, rural market expansion, and the promotion of green technologies. While export sales faced a decline, the company’s domestic performance, especially in the SUV and CNG segments, remains strong, positioning HMIL for continued success in the evolving automotive landscape.

Hyundai Motor India faces disappointing earnings post-IPO debut

Recently, Hyundai Motor India experienced a challenging start in the public markets following its IPO. The automaker’s first quarterly earnings report post-IPO revealed disappointing results, causing its shares to drop nearly 3%. For the second quarter of fiscal year 2025, the company reported a 16% year-over-year decline in net profit, falling to ₹1,338 crore. Additionally, revenue decreased by 8.3%, reaching ₹16,876 crore. These results came as a surprise to investors, particularly given the high expectations surrounding Hyundai Motor India’s IPO, which had been one of the largest in India and attracted record-breaking investor interest.