News Other News

Hyundai targets more market share

Hyundai targets more market share
Parichay Malvankar
Written by Parichay Malvankar

Hyundai has been successfully maintaining the #2 spot in the Indian automotive industry behind Maruti Suzuki. But it seems like Hyundai isn’t very happy with the current numbers and is revamping strategies to gain more market share in the industry.

Hyundai has already switched focus from exports to local production and faster delivery to customers here in India. Further, the company plans to localise more components being used in Hyundai cars and as a result, have a price advantage over competition.

Hyundai is now planning to launch a minimum of 3 new or facelift products every year and increase sales from the current 3.80 lakh units to 4.10 lakh units annually.

Hyundai clearly states that they will now focus on the highly lucrative SUV and MUV market which has been showing growth even amidst the slowdown. The ix25 and the Elite i20 based crossover are already under the road test phase and could launch by mid-2015.

Hyundai currently has an annual production capacity of 6.3 lakh units annually which can be ramped up to 6.8 lakh units. To drive in more sales numbers, Hyundai also needs to increase the sales touch point from the current 400.

Source – BusinessStandard