Kia's compact SUV Seltos makes up almost 60 percent of the carmaker's total sales in India. (Kia)
Hyundai Motor Group sold more than 800,000 cars in India last year, a 17.5 percent growth compared to a year ago, the auto giant said Monday.
With the upbeat figures, India has emerged as the South Korean carmaker’s third-largest market after the US and its home turf.
A total of 807,067 vehicles were sold by the automotive duo, with Hyundai and Kia selling 552,511 and 254,556 units, respectively.
Kia, especially, posted stunning growth in recent years, with its sales jumping more than 40 percent over the past year.
Since its debut in India in 2019, Kia’s compact SUV Seltos alone sold 600,000 units as of November, making up almost 60 percent of the carmaker’s total sales there.
As Hyundai struggles with slowing sales in the Chinese market, India is expected to become a major market for the carmaker.
In China, Hyundai’s market share has continued to decline. The figure, which used to hover at 10 percent in 2011, has plunged to a tiny 1 percent late last year.
In the meantime, India’s market potential is hotly touted. Global investment bank Morgan Stanley predicted the nation’s economy to grow to become the world’s third-largest by 2032.
Hyundai has also poured more resources into the burgeoning market. Starting with its first plant in 1998, it completed its second plant in 2008. Kia also built its own plant in 2019.
By Kim So-yeon (firstname.lastname@example.org)