Car Sales Report February 2022 : Hyundai
The semiconductor chip scarcity is continuing to wreak havoc on India’s automakers, limiting production and, as a result, sales. Hyundai Motor India Limited (HMIL) reported a 14% drop in sales in February 2022, selling 53,159 units versus 61,800 units in the same month the previous year. In comparison to 51,600 units sold in the same month last year, the Korean automaker recorded a 14.60 percent drop in domestic sales to 44,050 units. Its exports also decreased by 10.70 percent, to 9,109 units, compared to 51,600 units sold a year before.
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Hyundai Statement
According to a statement sent by the firm, “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.”
In the domestic market, however, Hyundai’s month-on-month sales growth remained steady, with 44,022 cars sold last month. Tata Motors came in third with 39,981 units sold in February, keeping the company in second place. Hyundai Motor India had fallen to third place in domestic sales in December of last year, but managed to recapture it in January, despite Tata Motors recording its highest-ever sales in January 2022.
Chip Shortage
While the YoY sales loss was double digits, the MoM sales difference was only a few percent. In January 2022, sales were 44,022 units, which was similar to the previous month. In recent months, the sales narrative varies depending on the manufacturer. While the first two large names are struggling to hit new highs, the next three are expected to grow sales. Hyundai has oriented its position in India in recent years to compete strongly in the UV market. This means that the company’s sales are heavily reliant on Creta and Venue. Buyers might expect a facelift for both automobiles around 2022, depending on the chip scarcity situation.
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