Korean automaker Hyundai Motor expects sales momentum in the Indian market to continue despite the new wave of Covid-19 and the partial lockdowns imposed in parts of the country. Pent-up demand and strong consumer preference for personal mobility amid the pandemic will continue to support sales of passenger vehicles, Hyundai Motor India managing director SS Kim said. Only if there is a disruption in production on account of such restrictions there would be an adverse impact, with the industry sitting on a backlog of several months of bookings due to high demand.
“Demand will be there. For how long, we are trying to check. But indications are good, positive,” Kim said.
The market potential is high in India due to lower vehicle penetration compared with other mature markets, he said. “That is why a lot of global OEMs (automakers) are trying to enter even today, with new vehicles, new technology.”
The company is “quite positive” of future growth in the Indian market, he said, adding: “We are trying to bring in new vehicles, technology, new customer experience in the ecosystem.”
Kim was speaking on the sidelines of the global unveiling of the Alcazar SUV, which the company will launch shortly to consolidate its leadership position in the fast-growing segment in India.
Alcazar will come in with six- and seven-seat configurations and Hyundai said it is trying to create a new segment for such multi-seater SUVs.
Mahindra XUV500, Tata Safari and the MG Hector Plus currently have seven-seat options in the category. “So many customers today want the premium experience, want a car which is versatile, has more space, is flexible. We believe it is the right time (to launch the Alcazar),” said Kim.
Hyundai sells the Venue, Creta, Tucson and the electric Kona in the SUV segment in India.
The company said the new launch will bring in incremental volumes in a year when it is working at recouping volumes lost in the past two years on account of the economic slowdown and the pandemic.
