Hyundai reports 1.93% m-o-m increase in domestic wholesale dispatches in March
- The automaker's wholesales in March stood at 52,600 units on the back of high demand for its hatchbacks and sport utility vehicles
Hyundai Motor India Ltd (HMIL), the country’s second largest passenger vehicle manufacturer, on Thursday reported just 1.93% month-on-month (m-o-m) increase in domestic wholesale to 52,600 units in March on the back of high demand for its hatchbacks and sport utility vehicles.
The South Korean automaker also replenished inventory at dealerships after improved retail sales over the last five months; high waiting period on popular products had led to substantial reduction in vehicle stocks. The company reported wholesale of 51,600 units in the preceding month.
TRENDING STORIESSee All
Premium PF to income tax to air travel, 10 ways your life will change from todayPremium
5 min read . 02:49 PM IST
Premium April Fool's Day: Watch how Ola plays a prank with flying carsPremium
2 min read . 02:15 PM ISTAlso Read | Inside Mumbai’s new extortion economy
On a corresponding basis, factory dispatches jumped substantially from March last year when the company had sold just 26,300 vehicles as production was halted due to lockdown measures imposed to contain the outbreak of covid -19.
Automakers had to close down their respective factories in the second half of March 2020, as the Union government imposed stringent lockdown from 18 March. Subsequently, operations remained suspended till first week of May 2020. It took automakers another two months to come back to normal production schedule.
The South Korean vehicle manufacturer’s exports from India increased by 17.85% by 12,021 units during the month.
The growth in wholesale on a sequential basis comes as a result of continued recovery in economic activity and customer shift towards personal mobility to avoid the covid-19 pandemic.
"Hyundai Motor India has portrayed resilience and perseverance towards contributing to the revival of the Indian auto industry. With cumulative sales of 64,621 units in March 2021, HMIL has built further on the sales momentum achieved over the last few months. This performance has been backed by our super performer brands such as the Ultimate SUV-Creta, Venue, new Verna, Nios and the most awarded car of 2020, the all-new i20," said Tarun Garg, director, sales and marketing, HMIL.
Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.