According to Reuters, recently, Hyundai Motor India, the second largest car manufacturer in India, released its first financial report after its listing. In the last quarter, the company’s quarterly profit decreased by 16.5%due to the decline in domestic sales in India and the tension of the Red Sea.
According to the financial report of Hyundai Automobile India, in July to September this year, the company sold 149,639 vehicles in the Indian market and exported 42,300 vehicles; revenue decreased by 7.5%year-on-year The 16.02 billion rupees fell to 13.38 billion rupees (about 158.6 billion US dollars). The company was listed in October this year and raised $ 3.3 billion, the largest IPO in India.
In the last quarter, affected by the sluggish demand and the slowdown of the growth of some SUV manufacturers such as modern and Maludi, India’s car sales fell for the first time since 10 quarters. Tarun Garg, chief operating officer of Hyundai Indian Corporation, said that it is expected that the sales of the Indian industry in this fiscal year will increase with the percentage of “low single digits”. In India, Hyundai’s market share is 15%, second only to 41%of Maruti Suzuki.
UNSOO Kim, general manager of Hyundai India Company, revealed that the company plans to launch an electric version of the CRETA model in the next few months, and regards it as “the change of the game rules of the electric vehicle market”, and the increase in SUV sales and the increasing demand for the Indian wedding season will increase In the context, the company’s performance this quarter should remain stable. Modern Automobile India Company said that automobile demand will maintain a growth momentum in the middle and long term.