Tata Motors, Kia, Hyundai expect sales momentum to continue this year
Carmakers such as Tata Motors, Kia India and Hyundai India expect their sales momentum to continue well into 2023 after witnessing robust growth in dispatches to dealers during last year. However, the companies will have to deal with the pressure of a high base effect, inflation and higher interest costs.
In 2022, Tata Motors crossed five lakh cumulative wholesale mark and is hopeful of robust performance this year on the back of new launches as well as better traction for its internal combustion engine models, electric vehicles and CNG trims. Speaking to PTI, the company's Managing Director - Passenger Vehicle and Electric Vehicles - Shailesh Chandra said, “It (sales growth) will be steep, hopefully, it will not be as steep as it was because the denominator used to be lower, now it is becoming higher."
When asked if the sales growth would be in single or double digits, Chandra said, "Double digit penetration is what we are looking at." On electric vehicle sales, which touched close to 43,000 units last year, he noted that it is bound to increase as the company is set to bring in new products to the market. “Absolutely, it has to. If we are adding a new product completely it should."
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Meanwhile, Kia India's VP and Head-Sales and Marketing, Hardeep Singh Brar, said that the company expects to outpace the industry growth this year as well. "Last year, we grew by almost 40 per cent whereas the industry growth was about 23 per cent and we also saw our market share increase to 6.7 per cent from 5.9 per cent in 2021," he said.
Hyundai Motor India's Managing Director and CEO Unsoo Kim said that the India economy is very positively compared to other developed and developing countries and the company is growing faster as compared to other economies. “Hyundai also saw good growth and the momentum should continue. At the same time, since now, the base is the highest - as in 2022 - we had the highest ever industry sales of (passenger vehicles) in the history of the Indian auto industry," he said.