Hyundai cranks up the SUV push; takes cautious approach on exports

Hyundai did not just register highest-ever Creta sales in February but the model has also contributed to the bulk of pending bookings for the Korean auto major.

The share of SUVs are increasing and rural buy is picking up pace even as exports hit a slightly bumpy track.

Addressing media after the sales announcement, TarunGarg, COO, Hyundai India pointed out that in terms of the pending bookings, the share of Creta comprised 50%, “the total pending bookings stand at 97000 and Creta comprises 50% of it. In fact the share of SUVs is rising and the contribution of this segment is 67%in February sales. For the entire 2024, we have a target of 65%, in terms of SUV contribution for CY24.”

Hyundai’s share in total PV exports is about 25 per cent as per the 2023 data and continues to command a significant share. Though there was a marginal dip in month-on month exports, the Korean car maker managed to export 10,300 units in February, down 2% from 10,500 units exported in January. Highlighting the concern areas, Garg explained that, “Geopolitical Challenges like conflict in Israel, changing consumer sentiment in South Africa and LAtAm due to economic situation and longer transit time for shipments due to the dynamic Red Sea situation are key challenges but exports are still averaging above the 10,000 units mark and we are maintaining a cautious approach.