Hyundai targets young buyers to grow in India
New Delhi: South Korean carmaker Hyundai has set its sights on India’s youth population, as it looks to consolidate its leadership in the mid-size SUV space with the Creta.
The Creta, which accounted for 33% of the mid-SUV market in January, will now be available in a performance version under Hyundai’s N Line brand which has models designed with performance and distinctiveness in mind.
The Creta N Line will be available at a starting price of ₹16.82 lakh ex-showroom, the company said on Monday.
Tarun Garg, chief operating officer, Hyundai Motor India, said that the Creta N Line will feature a 1.5-litre turbo engine not available in the standard Creta. The model will have a tuned suspension to further enhance its performance, rear disc brakes and 18-inch alloy wheels to appeal to performance-oriented customers.
From sales of 3,196 units in 2021, Hyundai was able to triple sales of its N models in India to a substantial 9,718 units in 2023, as it expanded its portfolio of N Line offerings.
Looking ahead, Hyundai said it could introduce more N models, but clarified there are no immediate plans for an electric N model for India.
“The average age of the N Line buyer is lower by a couple of years than our standard portfolio,” Garg said.
Hyundai is also working on increasing supplies of the Creta, as demand for the newly-launched model changeover of the popular SUV remains steady after its launch in January.
“Last year, we sold 157,000 units of the Creta, which was a 12% growth over 2022. We saw our highest-ever sales in January. In February, again, the growth is 12% over last year. So first thing, is even end-of-the-life cycle Creta last year had a double-digit growth and this is despite so much competition coming in the Creta segment—both Maruti Suzuki and Toyota launched in the segment—but still the Creta continues to be the market leader and get double digit growth… We have a very good order backlog and we are really pushing the suppliers to increase more [production]. Now the N-line is also coming in,” Garg said.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download Finplay News App to get Daily Market Updates & Live Business News.
More
Less
Published: 11 Mar 2024, 10:07 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.