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For Hyundai Motor India Ltd (HMIL), 2017 has been a year of excellence. The company is striving to achieve a sales target of more than 6.72 lakh units including domestic sales and exports. YK Koo, Managing Director & CEO of HMIL, spoke to BusinessLine about the challenges ahead and growth prospects. Excerpts:
How would you describe 2017 for the auto industry in India?
The year 2017 has been one of learning for the automobile industry. The learnings will lead to a wave of positive changes and new growth curve in the future. The auto industry will for the first time achieve the landmark figure of three million cars in 2017 (January-December). The festival season saw a remarkable growth for the industry, with the evenly spread monsoon along with the 7th Pay Commission building strong positive sentiments in the market.
Do you see a stable growth curve for the passenger vehicle industry over the short and medium term?
We believe that the Indian automobile industry has strong future prospects and is set to continue on its growth trajectory in the long term, on the back of steady economic growth. We expect a double-digit growth over the next couple of years.
How have the new vehicle launches helped Hyundai in 2017?
The changing market trends and rising customer aspirations have always been the key driving force at Hyundai Motor India.
Hyundai rolled out the five millionth car with the NextGen Verna in the Indian market, the fastest in the industry symbolising Hyundai's long-term commitment to the Indian market.
Along with this, there has been a strong pull for the Creta, Elite i20, and Grand i10 during the festival season.
You faced challenges in growing exports in 2017. When do you expect positive growth, and to regain your strong position in exports?
Exports are part of our global strategy, which is based on the market demand of various countries. HMIL has been the largest exporter of passenger cars with over 5.2 million cars exported since inception to more than 87 countries worldwide.
Having said that, the Indian market is evolving fast and we are currently focusing on catering to the high demand of Hyundai cars in India, with a strategic shift of export production to global plants. HMIL received a record initial export order of 10,501 units for the new Verna from the Middle East market. This is the single largest order the company has received since inception.
What are your plans for Auto Expo 2018? How many products/concepts are you likely to showcase?
We will be showing new models and global technologies during Auto Expo 2018 that firmly defines Hyundai as a modern premium brand.
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