Over the years since launch, Creta has been a best seller for Hyundai, recording cumulative sale of over 5.9 lakh units in the domestic market and over 2.2 lakh units in the export market
Hyundai Motor India – country’s second largest passenger vehicle manufacturer – on Monday announced wholesale one million sport utility vehicles from its Chennai based plants for the domestic as well as export markets. Since 2020, Hyundai has also been the leader in the fast growing SUV segment in India with products like Creta (a mid-size SUV) and Venue (an entry level one).
Launched in 2015, Creta was an instant hit amongst masses. Over the years since launch, it has been a best seller for Hyundai, recording cumulative sale of over 5.9 lakh units in the domestic market and over 2.2 lakh units in the export market. Similarly, Venue was introduced in 2019 as the country’s first connected SUV and the company has already sold over 1.8 lakh units in the domestic market, the company said in a statement.
“With over 1 million cumulative SUV sales in domestic and export markets, we have reiterated the promise of Make-in-India over nearly two and a half decades of our presence in India. This achievement also epitomises our manufacturing excellence and the unconditional admiration for Hyundai brand in India," said Tarun Garg, director (sales, marketing and service), Hyundai Motor India.
He further added that Hyundai’s journey towards SUV leadership was initiated by brands such as Tucson, SantaFE and Terracan. Now the company has witnessed exponential growth in the segment with the launch of brands like Creta and Venue that have quickly gone on to become well established household names.
Hyundai now plans to consolidate its leadership position in the fast-growing sports utility vehicle segment in the domestic market with the introduction of it is latest product, Alcazar, a seven-seater premium SUV. The new product will compete with the likes of Mahindra and Mahindra’s XUV 500 and MG Motor India’s Hector.
Till date, Hyundai has not yet managed to gain significant market share in the premium SUV despite launching successful global models like SantaFe and Tucson.
Sport utility vehicle segment is also the most profitable segment as manufacturers can command high margin on such products compared to passenger cars. The seven-seater SUV space has also expanded with the success of new products like MG Motors Hector and it’s important for Hyundai to enter this segment in order to maintain its leadership.