New Delhi, Aug 6 (PTI) Amid global disruptions and macroeconomic uncertainties, India's economic resilience and forward-looking policies are creating a more favourable landscape for consumption-driven sectors like automobiles and such steps are expected to support automotive demand recovery in the near to mid-term, according to Hyundai Motor India Ltd Managing Director Unsoo Kim.
Hyundai Motor India Ltd (HMIL) is also evaluating the introduction of Genesis, Hyundai's global luxury marque, in the Indian market. In his address to shareholders in the company's annual report for 2024-25, Kim said the company expects "domestic sales growth to be broadly in line with industry estimates of low-single digit" and 7-8 per cent volume growth in exports in 2025-26.
"Global disruptions, macroeconomic uncertainties, and a high base effect continue to pose challenges across the automotive industry. Yet, India's economic resilience and forward-looking policies, including repo rate cuts and income tax relief, are now creating a more favourable landscape for consumption-driven sectors like ours," Kim wrote in his message.
He futher said, "We expect these steps to support automotive demand recovery in the near to mid-term, particularly as financing becomes more accessible and customer confidence improves."
In terms of sales growth, Kim said, "While we expect our FY2025-26 domestic growth to be broadly in line with industry estimates of low-single digit, we anticipate 7-8 per cent volume growth in exports, supported by robust demand for our products in the emerging markets."
As per the company's annual report, it sold a total of 7,62,052 units in 2024-25, with 5,98,666 units in the domestic market and 1,63,386 units exported.
On the road ahead, Kim said, "As we move forward, our journey is poised for accelerated growth. We recently commenced production of passenger vehicle engines at our third manufacturing facility in Pune, bringing us closer to commencing vehicle production by Q3 of FY 2025-26."
With the goal of producing over 10 lakh units annually, this state-of-the-art facility will enhance manufacturing capacity, enable seamless integration between EV and ICE production, and play a crucial role in advancing HMIL's sustainability objectives, he noted, adding the company is also focused on expanding its localised supplier base through a dedicated indigenisation strategy.
Kim reiterated that by FY 2029-30, HMIL aims to launch 26 new models and upgrades, including 6 EVs and 20 ICE vehicles, complemented by the introduction of eco-friendly powertrains such as hybrids.
On the plans of the company entering the luxury segment, HMIL Whole-time Director & COO, Tarun Garg said, "We are also strategically evaluating the introduction of Genesis, Hyundai's global luxury marque, to redefine luxury through innovation, design and differentiated experiences."
He further said, "This aligns with our aspiration to serve the evolving expectations of discerning Indian consumers."