2014 will remain challenging for Indian auto market: Hyundai

Hyundai Motor India (HMIL) expects the current year to remain challenging for the Indian

RELATED ARTICLES

auto sector as buyer sentiment remains subdued.

"2013 was a challenging year for the Indian auto sector and we believe 2014 will also be the same. The footfalls at outlets is not converting into sales," HMIL Senior Vice President, Marketing and Sales, Rakesh Srivastava told PTI.

Annual car sales in India declined for the first time in 11 years in 2013, posting a 9.59 per cent dip, as the auto industry reeled under a prolonged demand slump due to economic slowdown.

Even for the month of January, car makers including HMIL, Maruti Suzuki India, Toyota Kirloskar Motor and Tata Motors reported decline in domestic sales.

Srivastava said the company is undertaking various initiatives to boost sales.

"We are focussing on increasing our rural penetration and also looking at expanding corporate sales. Both segments contribute about 18 per cent to our revenues and have the potential to grow further," he said.

As part of its efforts to boost sales and increase market share, HMIL today launched its new generation sports utility vehicle Sante Fe, priced between Rs 26.3 lakh and Rs 29.2 lakh (ex-showroom Delhi).

The vehicle, which is powered by a 2.2 litre engine would come in three variants, priced at Rs 26.3 lakh, Rs 27.1 lakh and Rs 29.2 lakh (ex-showroom, Delhi), respectively.

HMIL is the second largest car maker in the country, after Maruti Suzuki.

Yesterday, the South Korean firm had unveiled "Xcent", its first compact sedan in India, which will be available from next month onwards.

Compact sedans and compact SUVs are fast growing segments in the estimated 2.7 million Indian passenger car market.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s relief-rescue ops in Nepal are part of Modi’s South Asia strategy

    In reacting with alacrity to the earthquake disaster in Nepal, prime minister Narendra Modi has demonstrated two things.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Taslima Nasreen

Will Saudi sex slavery ever end?

An intriguing news item was published in the Arab world ...

Purnendu Ghosh

Err all right, but hiding is wrong

We are human, and therefore, prone to making mistakes. We ...

Shona Adhikari

Art lovers in India are spoilt for choice

Recent art trends point towards the inclusion of a wider ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture