Hyundai, Kia jointly made 10L cars in India in 2022
Hyundai along with its sibling brand Kia achieved a production milestone of 10 lakh units in India last year. Both brands collectively accounted for nearly 23% share of passenger vehicle sales here. Separately, Hyundai bagged about 15.45%, while Kia acquired 7.27%. At present, India is one of the top production hubs for both companies, accounting for roughly 15% of their combined global output.
Why does this story matter?
According to global trends, India's passenger vehicle market is benefiting greatly from the ongoing surge in demand for SUVs and other utility vehicles. Korean siblings Hyundai, and Kia have been able to record the highest yearly sales primarily due to increased production rates. They are the only automakers after Maruti Suzuki to achieve the production milestone of 10 lakh units within a single year.
Hyundai and Kia produced over 10 lakh vehicles
Hyundai-Kia's production volume in India for 2022 was between 10.2 to 10.4 lakh units, which is up 20% over 2021's output. According to Autocar Professional, Hyundai India closed the year with nearly 7,00,000 units, while Kia produced 3,40,000 units. Kia alone reported volume growth of over 40% YoY. Alongside Sonet and Seltos, Carens also helped the automaker produce incremental numbers in 2022.
SUVs accounted for 50% of passenger vehicle sales
Hyundai and Kia jointly acquired around 23% share of passenger vehicle sales in the Indian market. However, alone, Hyundai snagged around 15.45% share, while Kia captured over 7.27% of the market. According to the data, Hyundai clocked annual sales of 5,52,511 units in 2022. Over 50% of these belonged to SUVs. Creta alone accounted for 1,40,895 units (25.5% of total sales).
Hyundai will introduce next-generation Verna to boost sales
New models and facelifts are essential for the sustained growth of carmakers. Hence, Hyundai will rely on the next-generation Verna (BN7i) and the upcoming micro-SUV (codenamed Ai3 CUV) to produce extra volumes. In the meantime, Kia will release mid-life updates for the Seltos and Sonet.
What have the companies planned for Auto Expo 2023?
At the Auto Expo 2023, Hyundai will showcase autonomous driving technology and EVs. The brand is expected to announce the Indian prices for the IONIQ 5 which will be its star product. It will also display the IONIQ 6 electric sedan. Meanwhile, Kia will showcase the EV9 flagship SUV. Other displays will include the Sorento three-row SUV and the next-gen Carnival MPV.
