Hyundai targets to sell 1 lakh cars in rural India - Report

20/02/2015 - 11:38 Hyundai Grand i10, Hyundai Anjan Ravi

Targets domestic sales of 500,000 units in the near future.

Hyundai Motor India Limited (HMIL) is targeting sales of half-a-million units in the near future. The Korean car maker sold a record 4.11 lakh cars in India last year marking a growth of 8.3 percent.

Hyundai Grand i10 front at the 2014 Indonesia International Motor Show — Entry-level cars like Eon, i10 and Grand have a good acceptance rate in rural markets.

Even as Tier I and II cities account for the larger portion of sales, HMIL is targeting to increase sales in rural markets to 100,000 units this year, according to a report on Business Standard. HMIL sold 70,000 cars in rural India last year.

The publication states that HMIL will increase sales touch points from the current 320 to 350 this year to reach out to more customers. Citing growing aspirational values in rural markets, the company's Senior Vice President for Sales and Marketing, Mr. Rakesh Srivastava, said that Hyundai has tied up with 30 financial institutions to make the purchase easier for rural customers.

According to Mr. Srivastava, entry-level products like the Eon, i10 and Grand i10 have a good acceptance rate.

Hyundai Elite i20 cross IAB rendering — HMIL has lined up the launch of the Elite i20 based Cross next month.

Also read: 2016 Hyundai Tucson SUV revealed

2014 saw HMIL's market share increase to a record high of 21.8 percent from the previous year's 20.7 percent. To continue the sales push, HMIL has lined up products in the crossover and compact SUV segments this year. The Elite i20 based Cross is expected to come next month, while the ix25 is expected in the festive season this year.

[Source - Business Standard]