The Indian automotive industry recorded robust growth in 2022, which helped improve the figures in FY2023. Hyundai Motor India, Tata Motors and Kia India have all recorded their best-ever sales in a fiscal year, but experts were following the sales numbers closely to see if Tata would dethrone Hyundai from the second spot. It was close but ultimately, Hyundai retained its position.
- UV/SUV/MPVs sold the most
- Hyundai recorded 18 percent growth; Tata recorded 45 percent growth
- Tata is set to increase production this year
FY2023 sales for Maruti, Hyundai and Tata
Maruti Suzuki India logged a sale of 16 lakh units and is untouchable at the top spot. The battle in question is the one between the longstanding No. 2, Hyundai Motor India and the hard-charging Tata Motors. In FY2022, Hyundai sold a total of 4.8 lakh units, which was a significant amount compared to the 3.7 lakh units sold by Tata Motors.
However, things were much closer in FY2023. While Hyundai sales fluctuated between the 30,000- 50,000 unit mark monthly, Tata consistently sold 40,000 plus units every month. This consistency enabled Tata to sell 5.38 lakh units during the financial year, a record amount of annual sales with a massive 45 percent growth. Hyundai still managed to stay ahead with a late push during the January-March period that took its annual sales to 5.67 lakh units.
Hyundai-Tata battle could turn even more exciting
The continuous demand for SUVs has meant that companies with strong UV/SUV/MPV portfolios reaped the most benefits. Both companies have two high-selling products each – the Creta and Venue for Hyundai, and the Nexon and Punch for Tata. All four products from the two rivals rank among the monthly bestselling UVs.
It is to be noted that Hyundai, with a manufacturing capacity of 8.5 lakh units, is also India’s No. 2 exporter. In comparison, Tata Motors has far lesser overseas shipments, which enable it to focus more on the domestic market. Tata Motors currently has a production capacity of 6 lakh units, which will get an additional 3 lakh-unit boost when its newly acquired Sanand plant of Ford goes operational later this year.
Tata could surge ahead due to EV sales
While it can be expected that Hyundai Motor will go all out to protect its No. 2 position, Tata Motors has the EV advantage with the Nexon, Tigor and Tiago EVs. The Tiago EV can be expected to eat into ICE hatchback sales with the rising fuel prices.
Hyundai has six new models planned for 2023 – two SUVs (facelifted Creta and an entry-level micro-SUV), one hatchback (facelifted Grand i10 Nios), two sedans (facelifted Aura and next-gen Verna) and one EV (Ioniq 5) which will be its flagship product. The new Verna was launched on March 21.
Tata Motors’ new model programme for this year will see three SUVs (Punch EV, and facelifted Harrier and Safari SUVs). The battle between the No. 2 and No. 3 PV OEMs is set to intensify in the Indian market.