For the first time in terms of sales of cars, market leader Maruti Suzuki has lagged behind. Hyundai and Kia Motors overtook it on the basis of utility vehicle sales in May. Kia Motors is the only company of Hyundai Group. In May, Maruti Suzuki sold 32,903 cars in the domestic market. But Hyundai and Kia together sold 36,051 units. Maruti has lagged behind both of them in the utility vehicle segment. In May, Hyundai Motors sold 6,355 units of the utility vehicle. But the combined sales of Hyundai Motors and Kia Motors stood at 23,417 units.
Mahindra, Tata Motors, Toyota lag behind in utility vehicle segment
In April 2021, Maruti Suzuki’s share in the utility vehicle segment was 23 per cent. The stake of Hyundai Motors was 22 and that of Kia Motors was 15 percent. Both had a combined stake of 37 per cent and had sold 39,937 utility vehicles. Mahindra, Tata Motors, Toyota have gone further behind in this segment with Hyundai and Kia taking the lead. In terms of volume, Toyota’s Innova has gone far behind. Analysts say that Hyundai and Kia may have outperformed Maruti Suzuki but both have become rivals in the same segment.
Auto Sales: Huge decline in sales of all big car companies in May, second wave of COVID-19 due
Will Hyundai-Kia be able to maintain this lead?
One out of every three cars sold in the utility vehicle segment in April was a Hyundai or a Kia. One million cars of this segment were sold in the country during 2020-21. This segment is the biggest contributor to the growth of the country’s car market. Production of many auto companies has been closed in May. But in the meantime Hyundai and Kia took the lead over the market leader Maruti Suzuki in terms of car sales. However, it remains to be seen whether Hyundai and Kia will be able to maintain this lead when the production of all the companies will intensify after the lockdown.
(Source: Indian Express)
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