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Hyundai Motor Group, including Hyundai Motor Co. and sister company Kia Corp., projects to surpass 9 million cumulative vehicle sales in India by Q4, 2023. The milestone achievement comes as the two companies hold a significant 21.3% joint market share in the world's third-largest auto market. This remarkable success, 25 years after the Santro's introduction, has been catalyzed by tailored models and the soaring popularity of SUVs like the Seltos.
If this positive trend persists, Hyundai and Kia's combined sales in India are expected to exceed 9 million units by the fourth quarter of this year. Hyundai entered the Indian market in 1998 and has been producing the Santro at its plant in Chennai. Kia, on the other hand, commenced operations in the country in 2019 after establishing its Anantapur plant in the central region.
In the first half of this year, Hyundai and Kia held a joint market share of 21.3 percent in the Indian market, consolidating their position. With India's population of 1.4 billion, it ranks as the world's third-largest automobile market, following China and the United States.
It was recently reported that Kia Corp. had exceeded 1 million units of cumulative vehicle production in India, driven by increased sales of customized models. The company began manufacturing vehicles at its Indian plant in July 2019, starting with the Seltos subcompact SUV. Other models assembled in India include the Sonet SUV, Carens multipurpose vehicle, and Carnival van.
In the January-June period, Kia reported selling 136,108 vehicles in India, reflecting a 12 percent growth compared to the same period last year. With aspirations to achieve a market share of 10 percent in the Indian passenger vehicle market, up from the current 6.7 percent, Kia continues to expand its presence in India.
Kia has a total of eight Korean plants and seven overseas plants, with an overall annual capacity of 3.84 million units. These include plants in Gwangmyeong, Hwaseong, Gwangju (Korea), China, the United States, Slovakia, Mexico, and India.
Photo: Duncan Winslow/Unsplash
