According to Reuters, Hyundai Motor India, India’s second-largest automaker with market share, recently released its first financial report after its listing.
Last quarter, the company’s quarterly profit fell 16.
5% as domestic sales fell in India and tensions in the Red Sea affected exports.
, Photo source: Hyundai Motor India, Hyundai Motor India’s financial report shows that from July to September this year, the company sold 149,639 vehicles in the Indian market and exported 42,300 vehicles.
revenue fell 7.
5% year-on-year to Rs 1,69.
61 billion.
profit fell to Rs 13.
38 billion (approximately US$158.
6 million) from Rs 16.
02 billion in the same period last year.
The company went public in October this year and raised US$3.
3 billion, making it the largest IPO in India’s history.
Last quarter, India’s car sales fell for the first time in 10 quarters due to sluggish demand for small cars and slowing growth in some SUV manufacturers such as Hyundai and Maruti.
Tarun Garg, chief operating officer of Hyundai Motor India, said he expected industry-wide sales in India to grow at a “low single digit” percentage this fiscal year.
In India, Hyundai Motor’s market share is 15%, second only to Maruti Suzuki’s 41%.
Unsoo Kim, general manager of Hyundai India, revealed that the company plans to launch an electric version of the Crea model in the coming months and sees it as a “game changer in the electric vehicle market” and that the company’s performance this quarter should remain stable against the backdrop of rising SUV sales and increased demand during the Indian wedding season.
Hyundai Motor India said that demand for automobiles will maintain growth momentum in the medium to long term.
Return to the first electric network home page>,.
