Automakers such as Tata Motors, Kia India and Hyundai India expect their sales momentum to continue well into 2023 after seeing strong growth in the number of vehicles sent to dealerships management last year. However, companies will have to deal with the pressure of high fundamentals, inflation and higher interest costs.
In 2022, Tata Motors has surpassed the cumulative wholesale mark of 50,000 and hopes to achieve strong performance this year thanks to new launches and better traction for internal combustion engine models. mine, tram and CNG trims. Speaking to PTI, the company’s CEO – Passenger and Electric Vehicles – Shailesh Chandra said, “It (sales growth) will be steep, hopefully, it won’t be as steep as before because of the denominator because of the denominator. It used to be lower, now it’s getting higher.”
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When asked if sales growth would be in single or double digits, Chandra said, “Double-digit penetration is what we are looking at.” Regarding electric vehicle sales, which reached nearly 43,000 units last year, he noted that it is certain to increase as the company prepares to bring new products to market. “Sure, it has to be. If we’re adding a whole new product, it should.”
Meanwhile, Kia India Vice President and Head of Sales and Marketing, Hardeep Singh Brar, said the company also expects to outpace the industry growth this year. “Last year, we grew by almost 40% while industry growth was around 23% and we also saw our market share increase to 6.7% from 5.9% in January,” he said. year 2021”.
Unsoo Kim, CEO and Managing Director of Hyundai Motor India, said the Indian economy is very positive compared to other developed and developing countries and the company is growing faster than other countries. other economies. “Hyundai is also doing well and the momentum will continue. Also, as of now the base is the highest – as in 2022 – we have the highest sales (passenger vehicle) ever in the history of the Indian auto industry ,” he said.
First published date: January 17, 2023, 12:49pm IST
