In a historic achievement, Hyundai Motor India has broken its own records, achieving the highest-ever annual domestic sales in the company’s history during the year 2023. Surpassing the remarkable milestone of 6 lakh units for the first time, Hyundai closed the year with a staggering 6,02,111 units sold, marking a noteworthy 9% increase from the previous year. This momentous feat solidifies Hyundai’s standing as a frontrunner in the Indian automotive market and highlights the company’s strategic prowess and unwavering commitment to customer satisfaction.
Several key factors fueled Hyundai’s stellar performance in 2023. The company boasts a diverse range of popular cars, from the compact Santro to the premium SUV Palisade, catering to a broad spectrum of consumers. Models like the Creta, Venue, and i20 consistently ranked among the top sellers, appealing to both budget-conscious and style-savvy buyers.
In a proactive move, Hyundai expanded its production capacity by 50,000 units in 2023 to meet the surging demand. This strategic decision ensured a timely supply of vehicles, preventing backlogs and customer dissatisfaction.
Safety emerged as a focal point for Hyundai, as the company became a leader by standardizing six airbags across all models and trims—an industry-first in India. The 5-star safety rating for the Hyundai Verna from GNCAP further solidified the brand’s commitment to prioritizing customer safety.
Consistent efforts in customer-centric initiatives, including innovative marketing campaigns, an engaging online presence, and responsive after-sales service, contributed to heightened customer satisfaction. This dedication fostered loyalty and brand advocacy, driving repeat purchases and referrals.
Commenting on this record-breaking achievement, Mr. Tarun Garg, COO, HMIL, expressed, “In the momentous year of 2023, Hyundai Motor India witnessed a watershed moment by achieving its highest-ever domestic sales of 6,02,111 units, achieving a respectable 9% growth over LY sales volume. HMIL has not just kept pace but surpassed industry growth (estimated at around 8.2%), a testament to customers choosing brand Hyundai as their preferred mobility brand. Also in 2023, we proactively expanded our annual production capacity by 50,000 units to meet the increasing demand from our customers.”
Mr. Garg added, “Brand Hyundai now epitomizes a high level of safety for our esteemed customers. HMIL is the first mass automobile brand in India to standardize six airbags across all models and trims, reinforcing our commitment to safety. We also secured a 5-star rating for Hyundai VERNA from GNCAP. The recently launched Hyundai EXTER has not only garnered acclaim from customers and critics but also crossed the milestone of 1 lakh bookings. Aligned with Hyundai’s group vision of Progress for Humanity, HMIL has initiated ‘Samarth,’ a corporate endeavour supporting differently-abled individuals and fostering an inclusive environment. Our commitment to India remains unwavering and we pledge to bring forth products and technologies that resonate with our customers’ aspirations.”
The significance of Hyundai’s stellar performance in 2023 extends beyond sales figures. Increased sales translate into heightened production and dealership activity, creating employment opportunities across various sectors. The surge in car sales contributes to overall economic growth, benefiting industries such as manufacturing, finance, and infrastructure. Hyundai’s record-breaking performance enhances its brand image, positioning it as a reliable and trustworthy automaker, attracting potential customers.
Hyundai’s success in 2023 sets a high bar for the future. Positioned for continued growth, the company’s focus on innovation, safety, and customer satisfaction aligns with the introduction of new models and the expanding EV segment, promising an even more exciting journey in the years ahead. As the company continues to push boundaries and redefine expectations, one thing is certain: Hyundai’s journey in India is far from over, and the future looks bright for the Korean automaker.