The second wave of the covid-19 pandemic hit India hard and unprepared. Many states announced lockdowns with the rise in cases across the nation, thus halting operations for many companies and auto manufacturing was no exception. It is why in May 2021, like all other automakers, Hyundai Motor India saw its domestic sales slashed by half. Hyundai sold a total of 25,001 unit in May 2021 in the domestic market. The month-on-month growth trend for the Korean marquee saw its sales drop by 49% compared to 49,002 units in April 2021.
In April 2021, the automaker exported 10,201 units, and overall sales stood at 59,203 units. But in May 2021, Hyundai exported 5,702 units, making it a cumulative 30,703 units for the time period. This resulted in exports declining by 44.1% while overall sales dropped by 48%.
In May 2020, India began to recover steadily from the first wave of the pandemic and lockdowns restrictions were being eased. Comparing to the same period last year may not be entirely representative of year-on-year growth. However, the automaker did show over 200% growth having sold 12,583 units in May 2020. Domestic sales in May 2020 stood at 6,883 units.
Most automakers are gearing up to resume operations in full swing after lockdown restrictions are lifted across the nation. Many waiting for the pent up demand to help drive sales in the near future. Currently, Hyundai Motor India is gearing up to launch the Hyundai Alcazar, a 6/7-seat SUV based on the Hyundai Creta to expand its SUV portfolio. Currently, Hyundai has a total of three SUVs, Venue, Creta and Tucson. The Alcazar will be its fourth SUV model in the current lineup.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.