Hyundai has taken a massive hit in sales in February 2022. The carmaker has recorded a 14% drop in its sales in the previous month. The main reason for this is the ongoing semiconductor shortage affecting every sector across the globe. Let’s get into the details, scroll down for more.
Hyundai drops to the 3rd position
Hyundai Motors witnessed a total sales of 53,159 units in February 2022. Compared to 61,800 units sold in February 2021, this is a total decline of 14% in their YoY growth. Compared to January 2022 sales, the MoM growth is just +0.06%. The sales have been consistent in the past couple of months but that is not sufficient. Hyundai has dropped to the third spot in the overall sales for February.
Hyundai was very consistent with their sales for quite some time. The gap was huge but they were always behind the market leader Maruti Suzuki. Now Tata Motors with its massive growth of 27% in February 2022 has secured the second spot.[table id=20 /]
Along with their poor domestic sales, the export numbers for Hyundai also fell. The total domestic sales in Feb 2021 was 51,600 units which are 7,550 units more than Feb 2022 with a negative growth of -14.63%. The export numbers have also come down from 10,200 units in Feb 2021 to 9,109 units last month. This is a total drop of 1,091 units or negative growth of -10.69%.
The semiconductor shortage could go on for quite some time. Automakers should find an alternative solution to overcome this. Hyundai Motors in a statement mentioned, “As the industry continues to grapple with semiconductor shortage situation, Hyundai along with its partners is continuously exploring alternatives to ensure customers can take delivery of their most loved Hyundai cars at the earliest”.
Hyundai Future Plans
Keeping your products up to date in this ever-evolving market is necessary. Yesterday, Hyundai updated its premium hatchback, the i20 with additional features and trims. The all-electric Kona facelift is also scheduled to be launched this year. Their bestseller, the Creta and the Venue compact SUV were recently spotted testing in India.
1. Does Hyundai produce cars in India?
Yes, Hyundai produces cars in India. They have 2 plants in Tamilnadu at Irungatuukottai and Sripreumbudur.
2. Are Kia and Hyundai the same company?
Hyundai is the parent company of Kia, but they work independently.