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Hyundai Motor India Ltd (HMIL), the country’s second-largest passenger vehicle marker, has secured more than 20,000 bookings for its compact SUV, Venue, in less than a month.
The bookings for the Venue started on May 2, while the new SUV was formally rolled out on May 21.
While the bookings touched 20,000-mark on Tuesday, the number of customers showed interest to purchase touched 1.1 lakh, said the company.
“Hyundai Venue is the talk of the town as our dealerships are witnessing highest-ever traction and so far 20,000 customers have booked the Venue. We are overwhelmed with the response as customers are spending maximum time inside the cabin experiencing the new technology and connectivity features,” Vikas Jain, National Sales Head, Hyundai Motor India, told BusinessLine .
The Venue is Hyundai‘s first compact SUV to be launched in India as the company has been eyeing this fast-growing category in the utility vehicle segment.
Though there are many players, the compact SUV segment is expected to do much better other segments due to a shift in consumer preferences.
The Venue has come in the segment where Maruti’s Vitara Brezza, Tata Nexon, Ford EcoSport and Mahindra XUV300, are among the popular models.
The introduction of the Venue is also expected to strengthen Hyundai’s position further in the UV segment where its SUV Creta is a strong brand by being the second largest selling SUV after Maruti’s Vitara Brezza. In 2018-19, Creta sold 1,24,300 units when compared with 1,57,880 units of Brezza.
In overall UV volumes, Hyundai is in the third position after Maruti and Mahindra & Mahindra.
With the overwhelming response to Venue, Hyundai may grow its volumes closer to the top two players. If the Venue brings monthly volumes of about 10,000-11,000 units, the company could surely dislodge Maruti or Mahindra from their positions.
The strong response to Hyundai Venue is also big positive news at a time auto makers are projecting a subdued outlook for the PV industry for the first half of this fiscal.
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