Hyundai zooms past domestic car makers with 15% growth in sales
Automobile companies released sales figures for the month of March while also recording a decent growth in the FY’16. Hyundai grew by 15% at the end of the FY 16, while Honda, Mahindra and Maruti recorded a growth of 2%, 6% and 11% respectively
With the end of another financial year automobile companies like Mahindra & Mahindra Ltd., Honda Cars India Ltd., Hyundai Motor India Ltd., and Maruti Suzuki India Ltd. released their sales figures for FY ‘16. Hyundai recorded an overall growth of 15%, while Honda, Mahindra and Maruti recorded a growth of 2%, 6% and 11% respectively.
While other manufacturers have grown substantially Hyundai has recorded its highest ever market share by holding 17% of the total. It achieved its highest-ever financial Year domestic sales of 484,324 units compared to 420,668 units in 2014-15 registering a growth of 15.1%. For the month of March 2016, Hyundai registered domestic sales of 41,201 units and exports of 10,251 units with cumulative sales of 51,452 units. In comparison with February 2016 sales when Hyundai sold 40716 units, the March figure stands at 41201 with a growth of 1%.
The sales figures for the month of March were also released and it proves to be another purple patch for the auto sector in 2016. When compared to the domestic sales figures for February 2016, Mahindra & Mahindra Ltd., Honda Cars India Ltd., Hyundai Motor India Ltd., Maruti Suzuki India Ltd. and Tata Motors all showed growth in the month of March. While comparisons for the same period last year revealed that Mahindra & Mahindra Ltd., Hyundai Motor India Ltd. and Maruti Suzuki India Ltd. recorded growth in sales figures by 19%, 4% and 15% respectively while domestic sales for Honda Cars India Ltd. and Tata Motors dropped by 23% and 1% respectively.
The strong sales for Hyundai in FY ’16 were driven by its newly launched SUV- Creta, which has helped it give a stiff competition to domestic auto makers.
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