Korean Car Makers: Hits And Misses In India
The Indian car market has always had a lucrative appeal to international car brands, especially Korean ones. Many leading Korean car companies were able to make it to the heart of Indian buyers. But, despite being a big-shot in other parts of the world, some Korean carmakers couldn't move the Indian auto industry.
Hyundai is the perfect example of a Korean brand that was a massive success in the Indian market. And if we speak of Korean car brand failures in India, Daewoo would be the first name to pop up. Let's cut the chit-chat and help you learn more about the hits and misses of Korean carmakers in India.
Hit – Kia
Kia made its debut in the Indian market in 2019. One of its first launches in India was the SUV, Kia Seltos. Within just a few days of its launch, the Kia Seltos became a favourite of many Indian car buyers. The brand further expanded its reach in the Indian market with the Kia Carnival.
The brand makes sure to pack incredible specifications that suit Indian driving habits. The Korean car brand has a 536-acre car manufacturing facility in Andhra Pradesh. Kia currently has three models in India – Seltos, Carnival, and Sonet. It is however all set to launch its next product, the Carens, in India soon.
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Miss – Daewoo
You might be curious to know how a world-class brand like Daewoo failed in India. Well, for starters, their pricing strategy was the primary cause of failure. Their cars cost well above their rivals in the Indian market. Besides, the lack of proper marketing strategies stunted Daewoo's growth in India.
It also could not compete against well-established brands such as Hyundai and Maruti Suzuki. Within just a decade in the Indian market, Daewoo ran into financial troubles. Soon, the company had to withdraw its operations and manufacturing in India.
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Hit – Hyundai
If there is any car brand that Indians trust blindly, it is Hyundai. With fantastic budgeted models like the Santro and i10, Hyundai has an offer that no Indian car buyer can resist. It is worth mentioning that some of the best-selling cars in India are by Hyundai.
The Korean car brand set the bar high for its other Korean brothers. You should also know that Hyundai is the second-largest automobile company in India, with 16.2% of the market share.
Photo Credit: unsplash.com
Miss – Ssangyong
Ssangyong was unable to create a compelling value-packed offer for its Indian buyers. The Korean carmaker debuted in India with Tivoli-based XUV300 and Rexton models. There were several gaps in the product portfolio of this car brand.
In its 11 years in India, Ssangyong filed for bankruptcy twice. With only one successful SUV model in the market, the brand was having a hard time keeping up with the competition. Eventually, Ssangyong had to wrap up productions.
Photo Credit: www.wallpaperflare.com
Even though Indian car buyers did not embrace Ssangyong or Daewoo, Hyundai and Kia successfully grabbed their interests. So, what are your thoughts about these Korean car brand hits and misses?
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