April has been a rather challenging month for carmakers in India. After Maruti Suzuki which is the market leader, India's second largest carmaker- Hyundai Motor has witnessed a decline of 10.1 per cent in sales. The company sold 42,005 units in April 2019 as compared to 46,735 units in the same month last year. However, its exports continued to grow and were up by 29.1 per cent selling 16,800 units against 13,009 units which were exported in the corresponding month last year. Hyundai's cumulative sales were down by 1.6 per cent at 58,805 units against 59,744 units which were sold in April 2018.
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Negative growth reported by India's two of the largest carmakers is expected to dent the sales of the Industry. Carmakers have faced several challenges in the last quarter which took a toll on the sales. For instance, various policy revisions such as onetime payment of insurance premium led to increase in the on road price of vehicles. Companies have also stated rising commodity prices as one of the major disruptions which led to an increase in the prices.
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The upcoming Hyundai Venue is expected to give a fillip to the sales of the Korean carmaker.
Moreover, the entry segment cars have also become more expensive due to several upgradations in a bid to comply with the upcoming safety norms. This has certainly affected sales of the entry-level vehicles which are the biggest volumes generators in the Indian market. That said, the UV segment is expected to witness growth led by the demand for compact SUVs. Hyundai also is all set to launch the Venue which will be its first-ever subcompact SUV in India and is expected to give a fillip to its sales.
