In December 2023, Hyundai reported an improvement in overall sales on a Year-over-Year (YoY) basis, reaching 42,750 units. However, Tata Motors surpassed Hyundai's figures with sales scaling to 43,471 units in the same month. Hyundai exhibited a 10 percent growth compared to December 2022, where it sold 38,831 units. However, Month-over-Month (MoM) sales experienced a 14 percent decline from November 2023 when 49,451 units were sold. Hyundai's market share increased slightly to 14.9 percent, up from 14.1 percent in December 2022.
Breakdown of December 2023 Sales
Breaking down the sales for December 2023, the Hyundai Venue led the charts with 10,383 units sold, marking a 25 percent increase over December 2022. However, there was a 7 percent MoM decline from November 2023. The Hyundai Creta secured the second spot with a 9 percent YoY decline to 9,243 units, coupled with a steeper 22 percent MoM decline.
Detailed Sales Analysis
Further details reveal that the Hyundai Exter, a relatively new entrant, sold 7,516 units last month, experiencing a 10 percent MoM decline. The Hyundai Grand i10 saw a 37 percent YoY decline but grew by 11 percent MoM. The Hyundai i20 Elite posted a 3 percent YoY decline, while the Xcent/Aura faced an 8 percent YoY and 1 percent MoM decline. The Hyundai Verna witnessed a massive 54 percent YoY decline, with just 712 units sold in December 2023.
Comparing December 2023 to November 2023, MoM sales also saw a 58 percent de-growth over 1,701 units sold in November 2023. Additionally, Hyundai sold 954 units of the Alcazar in the past month, relating to a 35 percent YoY and 50 percent MoM de-growth. The Hyundai Tucson witnessed significant success with a remarkable 1642 percent YoY growth to 209 units in December 2023, up from just 12 units sold in December 2022. The MoM sales also grew by 77 percent from 118 units sold in November 2023. There was the Hyundai Ioniq5 electric that saw sales of 81 units in the past month, though it suffered a MoM de-growth of 16 percent from 96 units sold in November 2023. In the electric segment, the Hyundai Kona faced an 84 percent YoY de-growth, with only 19 units sold last month, down from 120 units sold in the same month last year. However, MoM sales remained on par.
Yearly Performance Overview
Reflecting on Hyundai's yearly sales performance in 2023, the first quarter witnessed an impressive 11.31 percent growth, with a total of 1,47,674 units sold compared to the same period in 2022. Hyundai maintained its stride in the second quarter of 2023, with a total of 1,48,303 units sold, showcasing a 9.61 percent increase over the same period in 2022. Noteworthy was the consistent growth in April, May, and June, with May showing a remarkable 14.91 percent increase compared to the previous year.
The cumulative results for the first half of the year underscored Hyundai’s market dominance, with a total of 2,95,977 units sold, representing a substantial 10.45 percent growth over the same period in 2022. Hyundai’s success story continued into the third quarter of 2023 with a total of 1,58,772 units sold demonstrating its ability to sustain momentum. As the year progressed, Hyundai concluded 2023 on a high note, recording a total of 1,47,329 units sold in the fourth quarter and this achievement reflects a 9.27 percent increase over the same period in 2022 highlighting the company’s resilience and adaptability in the face of market challenges.
Breaking the 6,00,000 Unit Barrier
Ultimately, Hyundai broke the 6,00,000 unit barrier in 2023 achieving an outstanding 8.97 percent growth compared to the previous year. This outstanding achievement says volumes about Hyundai's dedication to innovation, quality, and customer satisfaction in addition to securing its place as a major player in the automotive sector.