Hyundai Motor India plans to additional consolidate its SUV portfolio in the nation because the vertical continues to outshine different segments and drive passenger car gross sales in the home market, in accordance to a prime company official.
The company, which is the second largest passenger car maker in the nation, can also be gearing up to deliver a seven-seater mannequin in the nation.
“The SUV segment is the market driver currently. We have an edge globally when it comes to SUVs. So, going ahead we are going to further strengthen our lineup in the country,” Hyundai Motor India Ltd (HMIL) MD and CEO SS Kim informed PTI.
The company led the SUV house in the nation with gross sales of 1.8 lakh models in 2020. It sells fashions like Venue, Creta and Tucson in the market.
SUV gross sales have been witnessing an upward development in the nation in the latest years.
In 2019, SUV gross sales had been 25 per cent of the entire passenger car gross sales. In 2020, the sale contribution of the section rose to 29 per cent and in January this year it surged to 33 per cent.
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When requested if the company is planning to launch an MPV in the nation, Kim mentioned: “There is market demand for multi seater vehicle so we are preparing some product and hopefully in the future we can introduce something new, not specifically a multi purpose vehicle (MPV) but a vehicle with multi seating configuration.”
He nevertheless didn’t share the launch timeline or different particulars in regards to the mannequin.
The automaker sells 11 fashions in the nation however doesn’t have an MPV in its product lineup.
Commenting on exports, Kim mentioned the pandemic has impacted the company’s shipments over the previous couple of months.
He nevertheless famous that with issues getting higher in many geographies the world over, the export volumes of the company would now be growing considerably.
During the April-January interval of this fiscal year, Hyundai led the section with dispatch of 82,121 models, down 47.01 per cent from the year-ago interval.
Kim additionally famous that the company would proceed to supply diesel merchandise in the nation because the demand for such fashions was very sturdy in some states.
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“We will continue with production and sale of diesel cars in many segments. If a customer wants some product, we will give that as we are a customer centric organisation,” he mentioned.
On authorities insurance policies, Kim famous that initiatives like Production Linked Incentive (PLI) scheme would assist the company additional strengthen its abroad shipments.
“Government support is very important for the industry, not only in the domestic market but also for exports. From the company perspective we were the first OEM which started exports of Made in India products,” he mentioned.
With new gamers coming in, authorities help is all of the extra crucial now, he added.
Kim famous that it could be very useful for the home auto business if they might get some help from the federal government.
“Government is expected to give an outline of the PLI scheme in the first week of March, so we are very closely following that. We are committed to the Aatmanirbhar initiative and the PLI scheme will not only augment the growth in the industry but also project the country as a very strong manufacturing base,” he mentioned.
When requested in regards to the company’s stand on the upcoming second section of the company common gas effectivity (CAFE) and real-time driving emission (RDE) take a look at norms, Kim mentioned the implementation of the initiatives would lead to a rise in materials prices, and it’ll ultimately lead to value improve of automobiles as nicely.
“We are afraid that price increase will have a negative impact in terms of market demand and it could lead to a low demand scenario. So if the government decides for maybe one year or three year deferment that will be very helpful in the market recovery,” he added.
The automaker has the required know-how and could be prepared to comply with the laws if the federal government decides to implement them from the unique timeline, he added.
This story has been printed from a wire company feed with out modifications to the textual content.