Hyundai Motor India MD and CEO S.S. Kim said the firm is hoping the market would revive by the second half of next calendar year.
The domestic car industry was down 13% in 2019 while Hyundai’s sales contracted by about 7%, he said at an event for unveiling the company’s new sedan Aura.
However, Hyundai’s exports grew 20%. Mr. Kim expected the growth to be in single digit next year, since the first half will continue to see pressure on demand.
He said company will be in a better position compared with its peers as it will have a wide range of products, on which it has been investing despite the slowdown.
The new Sedan ‘Aura’ will take on Maruti’s Dzire and Honda’s Amaze and will hit the market in early 2020.
Aura will be its first sedan equipped with Kappa 1 litre BS VI T-GDI petrol and 1.2 l BS-6 ECOTORQ diesel engine, offering superior power, superior performance and fuel efficiency. “With modern design, powerful performance and 12-segment unique features along with best service warranty package for complete peace of mind, we are confident that it will meet the aspirations of millennials,” said Mr. Kim. The company has invested about ₹1,000 crore in the product, which is a part of its ₹7,000-crore investment plan lined up till 2022.
On capacity utilisation, Mr. Kim said the company had the capacity to produce about 7.65 lakh units and was producing about seven lakh units.
