Hyundai India shrugs off rare earth magnet crisis, export grows despite domestic market challenge
Reuters has quoted Hyundai's manufacturing head Gopalakrishnan C S saying that the company remains unaffected by the ban for now, with adequate inventory. "With rare earth as such, we are not facing any issue. We have adequate inventory for the near term already," he said.
Also Read : Upcoming cars in India
Meanwhile, the OEM recorded a 13 per cent year-on-year rise in exports that helped it cushion a six per cent drop in quarterly sales, and the automaker expects overseas shipments to grow by up to eight per cent this fiscal year. Hyundai India's Managing Director Unsoo Kim said that he expects the momentum to continue, with exports making up 27 per cent of first-quarter sales and a 30 per cent share targeted for the full year. However, in the last quarter, domestic sales of Hyundai dropped by 12 per cent. For revival of the domestic demand, Hyundai, like several of its peers, is banking on the upcoming festive season and easing interest rates.
While Hyundai Creta remained the segment leader, propelling the brand's domestic sales in India, in the CNG segment, the automaker has witnessed good growth. In an official statement, Hyundai said that it recorded enhanced CNG contribution of 15.6 per cent in its total sales, propelled by the introduction of dual-cylinder technology and new variants.
Check out Upcoming Cars in India 2025, Best SUVs in India.
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