This year the Hyundai will produce a record 1 million cars, 30% of this will be exported: Report. Let’s see in detail.
Tech786: Hyundai has high hopes from the year 2021, the company is also ready to capitalize on this opportunity. Hyundai Motor Group India is planning to build around 1 million units in its two brands (Hyundai and Kia). If this happens, it will be the largest figure for Hyundai by production. Sources familiar with the matter said that the company is betting on sales in view of the fast emerging economy.
Group to make 2.90 lakh cars for Kia
The South Korean conglomerate plans to make 7 lakh or more cars for the Hyundai brand and 2.50-2.90 lakh cars for the Kia brand. If these figures are taken into consideration, Hyundai Group will have the highest annual production in India. Hyundai’s decision will help it maintain its lead over Maruti Suzuki in the fast-growing SUV segment.
Since the introduction of the COVID-19 vaccine, shopping sentiment has grown among the consumers. At the same time, auto manufacturers are also expected to increase sales due to the rapidly recovering economy. According to sources, about 30% of the production can be exported.
At present, the priority of own vehicle is also expected to remain for some time. Therefore, most of the companies are considering increasing their production, which is almost touching the level of 2018-19 or more. Auto industry officials initially thought that it would take at least three years to reach 2018 levels, but now it seems that recovery will be faster.
Maruti Suzuki is also preparing to increase production
Maruti Suzuki has asked its suppliers to prepare for a record 20 lakh output in FY-22. Hyundai introduced the Kia brand in August 2019 as part of its strategy to sell vehicles from two brands and increase market share in India. The strategy worked and sales of its compact and mid-size SUV Sonat and Celtos increased.
The Kia may also launch an MPV to compete with the Maruti Suzuki Ertiga. If all goes well, Kia will be able to use the full capacity of its Andhra Pradesh factory in 2021. According to SIAM data, in the nine months to December, Hyundai and Kia, which have a shared ownership structure, acquired a 35.95% share of the SUV market, while Suzuki had 22.4%.
Last Updated on January 26, 2021 by admin