New Delhi. The list of best selling cars for September 2024 has arrived, but this time the figures are somewhat surprising. Actually, this time neither any hatchback nor any SUV has become the best selling car. This time the car that got the number-1 title is a 7-seater which has had bumper sales.
This car has left behind Wagon R, Creta, Brezza and Baleno in terms of sales. Even Maruti's famous Maruti franchise has been left behind. At the same time, it has given a big defeat to Tata Punch also. Let us know which cars were included in the top-10.
Maruti Ertiga becomes top selling car In September 2024, Maruti Ertiga recorded sales of an impressive 17,441 units, which is a significant increase compared to last year (13,528 units). It remains the top choice in the MPV segment and is being liked a lot as a family car.
Swift has secured the second position with sales of 16,241 units. This figure is better than last year's 14,703 units, making it a strong contender in the hatchback segment. Hyundai Creta has a very strong hold in the SUV segment. 15,902 units of this vehicle were sold in September 2024, which is a better performance than last year. Its 16,762 units were sold in August 2024.
Brezza included in top-5 Maruti Brezza is also included in the top-5 with sales of 15,322 units. Although 19,190 units were sold in August 2024, the demand for this vehicle still remains. Mahindra's popular SUV Scorpio recorded sales of 14,438 units in September 2024. There has also been an increase in this compared to last year (11,846 units).
There was some decline in the sales of Baleno this year. It sold 14,292 units in September 2024, whereas 18,417 units were sold in the same month last year. This new model has also made a good place in the market. In September 2024, 13,874 units of Ford were sold, which is much more than last year.
Punch, WagonR lag behind Tata Motors' micro-SUV Punch sold 13,711 units. There has been a slight decline compared to last month, but it is still quite popular. Maruti's Wagon R remains in the top 10 with sales of 13,339 units. However, there has been a decline in its sales as compared to last year (16,250 units). Maruti's affordable car Eeco sold 11,908 units in September 2024, which is more than last year (11,147 units).
The rollout of SUVs will begin early next year with the first India-made electric vehicle and at least two gasoline-powered models ready for market from 2026, three sources with knowledge of the company's plans said.
Hyundai's first listing outside South Korea, as well as its strategy to add higher-margin offerings, signal its positive outlook toward the world's third-largest car market, as its presence in China is shrinking and domestic sales are declining.
Also read: Hyundai targets 30 per cent sales growth by 2030, doubles hybrid car lineup
Hyundai's sales in India trail only Maruti Suzuki, though in a fast-changing competitive landscape, homegrown giants Tata Motors and Mahindra & Mahindra have dented its market share with new SUVs that are now the top-selling vehicles, replacing the once-favourite small cars.
This has pulled down Hyundai's Indian market share to 14.6 per cent from 17.5 per cent four years ago, while Tata's share has nearly tripled to 14 per cent in the same period. Toyota, the next-largest foreign rival, has seen its share rise from four per cent to six per cent.
“Hyundai is in a difficult position,” said VG Ramakrishnan, managing partner at consultancy Avantiam. “Its primary focus should be on how to maintain its market share and the only way to do that is by introducing products rapidly.”
Hyundai did not respond to requests for comment on its plans in India.
'Lively Market'
India is the third-largest revenue-generating country for Hyundai after the US and South Korea, and the company has already invested $5 billion in the country, with a commitment to invest another $4 billion over the next decade.
“We are proud to consistently achieve the second largest market share in this vibrant market and will continue to lead Hyundai as a premium brand,” Hyundai Motor Group Executive Chairman Euisun Chung said during his visit to India in April.
Also Read: Kia Carnival Arrives In Delhi, Spotted At Delhi Airport Ahead Of Launch
Hyundai's launch of an India-made electric SUV in 2025 will be followed by the introduction of four more EVs by the end of the decade as it evaluates plans to make the country a regional EV export hub, three sources not authorised to speak to the media said.
Hyundai on Wednesday announced it will launch hybrid cars in India as part of a broader strategy to increase global sales to 30 percent by 2030, boosting its plan to sell higher-priced vehicles in the country to boost margins.
Its share of cars priced at least $18,000 – considered upmarket in India – is set to double to 15 per cent between 2021 and 2023, according to its draft IPO filed in June.
Hyundai, which plans to sell its 17.5 per cent stake in the Indian business to the public, said it will continue its “premiumisation” strategy that has helped it post the highest profit margins among peers in India, but the gains have come at the cost of volumes.
Also Read: Hyundai Creta EV 2025 to be unveiled at India Mobility Expo – Key Facts
Ramakrishnan said the auto maker will have to maintain a good balance between market share and margins after its listing.
“If any of these deteriorates, shareholders may question the company,” he said.
Hyundai's sales in India were at an all-time high last fiscal year, despite its market share declining.
intense competition
Hyundai Motor had initial success in the Indian market due to affordable hatchbacks like the Santro, while the i10 and i20 models also continue to enjoy similar success.
Hyundai entered India in 1996 and its initial success in the country, which has been a graveyard for automakers such as Ford and General Motors, was due to affordable hatchbacks such as the Santro, which has now been discontinued.
As customer preferences changed, Hyundai launched its first locally produced SUV in 2015. The mid-sized Creta, priced between $13,000 and $24,000, was an instant success and became Hyundai's biggest grossing car.
Hyundai's 13-car portfolio now has eight SUVs, but its share of India's total 25 lakh SUV sales last fiscal declined to 19 per cent from 24 per cent three years ago, IPO documents show.
Also read: From Creta EV to Harrier EV, these are the expected EVs to launch before March 2025
Of the two new gasoline-powered SUVs that Hyundai is planning for India, the first will be based on the Bayon crossover currently sold in global markets and will compete with Maruti's Frontx crossover and Tata's Nexon SUV, three sources said.
The second car will be bigger than the Hyundai Creta SUV and will compete with the Mahindra XUV700.
These two SUVs are expected to boost Hyundai's sales by around 120,000 units annually, a source said. Industry data shows the carmaker sold 615,000 cars in India, of which 63 per cent were SUVs and the rest hatchbacks and sedans. The company exported 163,000 vehicles in the last fiscal.
However, Hyundai's rivals aren't standing still.
Tata, India's top-selling EV maker with a market share of over 75 per cent, has said it plans to launch five EVs in the next three to four years, taking its total to 10.
Mahindra has said it will launch seven electric SUVs and six new gasoline-powered SUVs by the end of the decade. Market leader Maruti is doubling down on SUVs and hybrids and plans to launch six EVs by 2031.
“What has taken Hyundai this far will not necessarily take it into the future. Competition is even more intense,” said an Indian supplier of Hyundai.
Find out about upcoming cars in India, electric vehicles, upcoming bikes in India and cutting-edge technology that is changing the automotive landscape.
Hyundai sold 6.02 lakh units in the domestic Indian market between January and December of 2023. Kia, its partner in global markets, also clocked 2.55
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Hyundai sold 6.02 lakh units in the domestic Indian market between January and December of 2023. Kia, its partner in global markets, also clocked 2.55 lakh unit sales in India during this period.
Hyundai and Kia will kickstart the year with the launch of Creta 2024 facelift SUV and Sonet 2024 facelift SUV. While Creta is Hyundai’s best-selling model in India, Sonet is Kia’s second best-seller after Seltos.
South Korea’s Hyundai Motor Co and affiliate Kia Corp forecast on Wednesday that their combined global sales will rise about 2% in 2024, even as last year’s sales fell short of target.
The duo sold 7.3 million vehicles in 2023, about 3% less than their combined target of 7.52 million, largely due to a difficult economic environment, including rising interest rates and inflation that pushed vehicles out of the reach of some buyers. The companies said they would target global sales of 7.44 million vehicles this year.
“Hyundai plans to take a lead in electrification and focus on optimizing profitability by strengthening its global electric vehicle (EV) production infrastructure, establishing flexible business strategies to adapt to market changes, and reinforcing preemptive risk management capabilities,” Hyundai said in a statement.
Kia sold 3.09 million vehicles globally in 2023, posting a new annual global sales record, it said in a statement. Kia’s previous best yearly performance was in 2014, with sales of 3.04 million units.
Analysts said this year’s sales targets for the two companies appeared to be achievable, but that economic issues, including high interest rates, as well as rising incentives would have an impact on auto demand and profitability.
Hyundai is aiming for a 0.6% rise in annual global sales to 4.24 million vehicles, while Kia set its sales target at 3.2 million units, up about 4% from last year.
“It seems that Hyundai’s goal appears to be more conservative than Kia’s … Kia is set to launch new electric vehicles this year, but we need to factor in how the recent slowing growth of global EV sales would fold out,” said Shin Yoon-chul, an analyst at Kiwoom Securities.
Hyundai Motor Group Executive Chair Euisun Chung in his New Year address on Wednesday emphasized customer satisfaction and called for a corporate culture of “preparation” to make swift decisions.
“The best strategy is earning the full trust of our customers, not quickly following our competitors … In order to turn these external challenges into opportunities and achieve long-term sustainable growth, we must be prepared,” Chung said in the address.
Shares of Hyundai Motor and Kia closed down 3.3% and 3.9% respectively, versus a 2.3% fall in the benchmark KOSPI.
