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Archives

Hyundai eyes pole slot in SUV

08/05/2019 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

Hyundai SUV

South Korean carmaker Hyundai Motor has set itself a target of gaining pole position in the Indian SUV market in the next 12-18 months by overtaking Maruti Suzuki and Mahindra & Mahindra, a top official was quoted telling a prominent business daily. 
 
The company expects its new compact SUV Venue to generate annual volumes of close to 1,00,000 units and more than double its UV sales in the country to more than 2,50,000 
 
“We will become a formidable player in the SUV segment and with the Venue we will eye leadership in the SUV segment in the country,” Mr SS Kim, Managing Director at Hyundai Motor India, told ET. “With Creta and Venue both put together we can do combined volumes of 18,000 to 20,000 units (per month)”, he said.
 
The country’s top carmaker Maruti Suzuki, led by Vitara Brezza, inched ahead of M&M to take the pole position in the SUV market a couple of years ago. At the end of FY-19, Maruti Suzuki sold 2.64 lakh units ahead of Mahindra & Mahindra which sold 2.35 lakh units, Hyundai on its part sold 1.25 lakh units in the same period. 
 
Mr Kim, who is also the CEO at Hyundai Motor India, said compact SUV is a fast growing segment in the country where his firm was not present. So whatever volumes that come out of it will be additional, he said.
 
The launch of Venue comes at a time when the passenger vehicle market is growing at its slowest pace in five years. However, given its cyclical nature, Mr Kim expects the market to bounce back in the second half of 2019 post-elections.
 
 
 

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