Hyundai Motor India Ltd. (HMIL) November 2024 Sales Report

Hyundai Motor India Ltd. (HMIL), one of India’s leading car manufacturers, closed its sales performance for November 2024 with a slight decline in overall numbers. While the end of the festive season contributed to this dip, the company maintained its reputation as a key player in the Indian automotive market. With a diverse portfolio ranging from hatchbacks like the Grand i10 NIOS to premium global crossovers like the Ioniq 5, Hyundai continued to showcase its market versatility. The Hyundai Creta remained the best-selling model, further solidifying its dominance in the competitive C-SUV segment.

In November 2024, Hyundai achieved its highest-ever monthly rural contribution, with rural sales accounting for 22.1% of the domestic sales. This reflects the company’s growing influence in rural areas, a significant achievement for an automaker that is strengthening its reach beyond urban centers. Additionally, the company’s focus on alternative fuels bore fruit, with 14.4% of domestic sales coming from CNG vehicles, driven by the innovative Hy-CNG Duo technology. This marks a robust start as Hyundai competes with established CNG market leaders like Maruti Suzuki.

Monthly Sales Performance

The sales figures for November 2024 reflected a 6.9% YoY decline, with total sales dropping to 61,252 units compared to 65,801 units in November 2023. Domestic sales stood at 48,246 units, experiencing a minor 2.4% YoY decline, while exports faced a sharper drop of 20.5%, with 13,006 units shipped.

Year-to-Date (YTD) Performance

From January to November 2024, Hyundai sold 7,09,041 units, reflecting a marginal 0.04% decline compared to the same period in 2023. While domestic sales grew by 0.7% YoY, reaching 5,27,682 units, export sales declined by 2.8% YoY, dropping to 1,81,359 units.

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Key Highlights

SUVs remained a dominant force in Hyundai’s domestic market performance, contributing a significant 68.8% of sales in November 2024. The Hyundai Creta, a segment leader, played a pivotal role in this achievement, alongside other models in the SUV portfolio. The company also achieved a milestone in its rural market expansion, with rural sales making up 22.1% of the domestic total, the highest-ever contribution from rural areas in a single month.

Hyundai’s venture into the CNG segment has also been fruitful, with 14.4% of domestic sales coming from CNG vehicles. This growth has been fueled by the company’s Hy-CNG Duo technology, showcasing its competitiveness in the alternative fuel space, where players like Maruti Suzuki have traditionally dominated.

While domestic sales showed resilience, export performance saw challenges, with a 20.5% YoY decline in November and a 2.8% drop YTD. These figures underscore the impact of fluctuating global demand and intensifying competition.

Domestic Sales Contribution by Segment

Looking Ahead

Hyundai is preparing to expand its portfolio with the launch of the Creta EV in January 2025, marking its entry into the mainstream electric vehicle segment. This development aligns with Hyundai’s strategy to lead innovation and sustainability in the automotive market.

Sales Commentary

Mr. Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL, commented on the November 2024 performance:

“HMIL’s push towards fortifying SUV supremacy continued in November with SUVs contributing 68.8% of our total Domestic sales. We also bolstered HMIL’s presence in the hinterland of India, by achieving the highest-ever monthly rural contribution of 22.1% in November. Our innovative Hy-CNG technology continues to strengthen HMIL’s CNG sales, with a 14.4% contribution in November 2024.”

Conclusion

Despite a slight decline in overall sales, Hyundai Motor India Ltd. has demonstrated resilience with its robust performance in the SUV, rural, and CNG segments. With a strong foothold in the Indian market and an ambitious push into the EV space, HMIL is well-positioned to build on its success in the coming months.

Also read: Tata Motors Passenger Vehicle Sales in November 2024​