Hyundai misses India sales target
Reeling under the slowdown in demand for automobiles, Korean auto major Hyundai’s Indian arm, Hyundai Motor India Ltd (HMIL) missed its sales target for 2008-09 by over 23 per cent, reports Sumant Banerji.autos Updated: Apr 15, 2009 23:07 IST
Reeling under the slowdown in demand for automobiles, Korean auto major Hyundai’s Indian arm, Hyundai Motor India Ltd (HMIL) missed its sales target for 2008-09 by over 23 per cent.
The company, which doubled its production capacity to 6 lakh units per annum last year, had targeted sales of 3.18 lakh cars for the year 2008-09, but managed to sell only 2.44 lakh units till the end of March, 2009
With the country feeling the impact of the global financial crisis towards the middle of the last fiscal, Hyundai had revised its target downward to 2.75 lakh units in November, 2008. Even that target was missed by 11.2 per cent.
“The market continues to be tough and though there has been some improvement after the October-December quarter, a complete revival is still some way off,” said Arvind Saxena, senior vice president (marketing and sales), HMIL. “Enquiries at the dealerships are still pretty good, but the conversion rate is low. As the overall economic sentiment is bearish, getting the customer to buy cars is a challenge.”
Hyundai became the only automobile manufacturer in India to have sold more cars abroad than in the domestic market. Hyundai exported 253,345 units in 2008-09, a 75.4 per cent increase over 2007-08, offsetting to a large extent its losses in the domestic market.