Hyundai Motor India expects to see development in demand for its autos in 2020 on the again of a slew of product launches slated for this 12 months, a senior firm government stated. The corporate, which, on Tuesday, launched Aura, a brand new compact sedan, is predicted to introduce newer fashions of Tuscon, i20, Creta and Verna. Hyundai can also be taking a look at getting into the multi-purpose automobile section within the nation.
“We should see positive growth [this year]. With product launches planned this year, we expect to outperform industry in a very competitive environment, and hopefully, gain market share,” the corporate’s MD and CEO S.S. Kim informed The Hindu. In 2019, Hyundai noticed its gross sales decline about 7% in contrast with a decline of 13% for the business. Mr. Kim added that in 2020, the business ought to see low single-digit rise in demand. “Automotive vehicle demand will be determined based on various factors… maybe the most important and basic one will be the macroeconomy factor,” he stated.
Given the approaching transition to newer emission norms, development could stay flat within the January-March quarter, he stated. “From the second quarter, we are cautiously positive about demand.” The Aura, priced between ₹5.79 lakh and ₹9.22 lakhwill compete with the likes of Maruti Suzuki’s Dzire and Honda’s Amaze.
Requested why the agency selected to introduce a compact sedan amid declining gross sales within the section, he stated, “A lot of first-time buyers and family-centric car owners want to drive a sedan.” The section ended 2019 with gross sales of three.38 lakh models or about 11% of the business, he added. “Even if it is decreasing, it remains a substantial volume…”
He stated the corporate was additionally seeking to enter the multi-purpose automobile section in India, and is conducting a feasibility examine for a similar. He added that the agency may additionally come out with a first-of-its-kind product and which couldn’t be positioned in any section as of now.