Hyundai’s latest sales figures for May 2024 reveal significant insights into its market performance. The Korean carmaker has reported 49,151 cars sold in the Indian market, marking a 1.13% increase from May 2023. However, the brand faces a substantial backlog with around 65,000 pending bookings. Interestingly, more than half of these pending orders come from the Creta range, highlighting its popularity.
Creta: The Star Performer
In May 2024, the Hyundai Creta emerged as the brand’s highest-selling model. With 14,662 units sold, the Creta continues to dominate Hyundai’s sales chart in India. This consistent demand underscores the SUV’s strong market presence and consumer appeal.
Creta N Line: The Long Wait
Among all Hyundai models, the Creta N Line has the longest waiting period. Tarun Garg, COO of Hyundai Motor India, shared that the Creta N Line faces a waiting period of about 10 weeks. Despite this, the model attracts a significant number of new and young customers. The Creta N Line, launched in March 2024 at a starting price of Rs. 16.82 lakh, ex-showroom, features a 1.5-litre turbo petrol engine delivering 158 bhp and 253 Nm. It is available with both manual and automatic gearbox options.
Strategy and Market Adaptation
Hyundai acknowledges the unique demand for the Creta N Line. Garg emphasized that the N Line models are not primarily about volumes but about catering to customers seeking something unique. The company aims to reach 15,000 annual sales for all N Line models combined. This strategic focus on niche markets helps Hyundai diversify its customer base and enhance brand loyalty.
Addressing the Backlog
With 65,000 pending bookings, Hyundai is actively working to increase supplies, particularly for the high-demand Creta range. The brand’s ability to manage this backlog will be crucial in maintaining customer satisfaction and sustaining its sales momentum.
Conclusion
Hyundai’s May 2024 sales performance underscores the Creta’s pivotal role in the brand’s portfolio. The significant backlog of 65,000 units, with over half from the Creta range, highlights the SUV’s market dominance. The Creta N Line’s extended waiting period reflects its unique appeal among new and young customers. As Hyundai navigates these challenges, its focus on increasing supply and meeting customer demand remains paramount. The company’s strategic approach to the N Line models further exemplifies its commitment to offering diverse and appealing options in the competitive Indian automotive market. Read more New-Gen Swift Becomes Maruti Suzuki’s Top Seller in Debut Month
Source https://www.carandbike.com/
