With a Market Share of 35%
Hyundai Motor Group ascended to the top spot in India’s car market in May.
Hyundai Motor Co. and Kia Corp. sold a combined total of 36,501 cars in India in May, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on June 16. The Korean automobile group surpassed local carmaker Maruti (32,903 units), which had long maintained the No. 1 spot.
Hyundai Motor and Kia posted a combined market share of 35.0 percent in May. It remained in second place in the January–April period with a 22–23 percent share, but outperformed the top ranker in May. In April, Hyundai Motor and Kia accounted for 22.6 percent of the Indian auto market, less than half of Maruti’s(47.2 percent. However, they topped the list in May, with Maruti’s share falling to 31.5 percent.
Maruti's sales volume in May shrank 75.8 percent from April, SIAM data says. Maruti's sales drop is attributed to its lack of SUV models and falling price competitiveness. Another local carmaker, Mahindra, also saw its sales sink 57.4 percent during the same period.
Hyundai Motor and Kia also maintained their top position in Vietnam throughout the January-April period. In particular, their combined market share stood at 35.9 percent in April, about twice that of Toyota (17.7 percent) which had dominated the Southeast Asian market. Their May sales have not yet been tallied.
Hyundai Motor is building its second plant in Vietnam for completion in 2022 to solidify its No. 1 position. It also established a joint sales corporation in early 2021. Its Indonesian plant is expected to start running by the end of 2021.