Hyundai Creta, Exter, and Venue contribute to about 66.8% of the domestic sales in August 2024!
Hyundai Motors faced challenges in August 2024, with a notable decrease in both domestic and export sales compared to the previous year. Despite these setbacks, the company’s year-to-date performance shows modest growth, underpinned by strong demand for certain models like the Hyundai Creta.
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Hyundai Sales Performance in August 2024
| Hyundai Sales | August 2024 | August 2023 | Difference in Units | Growth YoY |
|---|---|---|---|---|
| Domestic | 49,525 | 53,830 | -4,305 | -8% |
| Exports | 13,650 | 17,605 | -3,955 | -22.47% |
| Totals | 63,175 | 71,435 | -8,260 | -11.56% |
In August 2024, Hyundai recorded domestic sales of 49,525 units, a decrease of 8% compared to August 2023, when the company sold 53,830 units. This decline amounts to 4,305 fewer units sold year-over-year (YoY). Compared to the previous month of July 2024, domestic sales saw a slight drop of 512 units, representing a month-over-month (MoM) decrease of 1.04%.
Hyundai’s export performance also showed a significant decline. In August 2024, the company exported 13,650 units, down by 22.47% compared to August 2023’s export figure of 17,605 units. This decline represents a reduction of 3,955 units YoY. Additionally, export sales fell by 1,850 units from July 2024, translating to a MoM decline of 11.93%.
| Hyundai Sales | August 2024 | July 2024 | Difference in Units | Growth MoM |
|---|---|---|---|---|
| Domestic | 49,525 | 49,013 | -512 | -1.04% |
| Exports | 13,650 | 15,500 | -1,850 | -11.93% |
| Totals | 63,175 | 64,513 | -1,338 | -2.07% |
Overall, Hyundai’s total sales for August 2024 amounted to 63,175 units. This is 8,260 units fewer than the 71,435 units sold in August 2023, marking an 11.56% YoY decrease. Compared to July 2024, when Hyundai sold 64,513 units, there was a MoM decline of 2.07%, or 1,338 units.
| Hyundai Sales | YTD 2024 | YTD 2023 | Difference in Units | Growth% |
|---|---|---|---|---|
| Domestic | 4,08,310 | 4,00,541 | 7,769 | 1.94% |
| Exports | 1,05,200 | 1,02,625 | 2,575 | 2.51% |
| Totals | 5,13,510 | 5,03,166 | 10,344 | 2.06% |
Despite the monthly declines, Hyundai’s year-to-date performance shows positive growth. As of August 2024, Hyundai’s domestic sales reached 4,08,310 units, up 1.94% from 4,00,541 units in the same period in 2023. Export sales also saw an increase, rising by 2.51% to 1,05,200 units compared to 1,02,625 units in YTD 2023. Overall, Hyundai’s total YTD sales for 2024 were 5,13,510 units, reflecting a 2.06% growth over the 5,03,166 units sold in YTD 2023.
Here’s what Mr. Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL said, “SUVs, led by models like CRETA, VENUE and EXTER remain a key growth driver for HMIL in 2024 with 66.8% contribution to
domestic sales. We are soon going to launch the bold new 6 and 7-seater SUV, Hyundai ALCAZAR and we are confident of strong festive season response to this new launch.
Verdict
Hyundai’s sales performance in August 2024 was marked by significant challenges, particularly in the export market, which saw a sharp decline both YoY and MoM. However, the company has managed to sustain overall growth in its year-to-date figures, driven by consistent demand for its key models. Moving forward, Hyundai will need to address the factors behind the recent declines to maintain its growth trajectory in the competitive automotive market.
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