These two models just drove Hyundai India past the critical $5 billion mark
BI India BureauApr 21, 2017, 11.36 AM
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Hyundai registered $289 million net profit in 2016 and became one of the fastest growing subsidiaries for the South Korean carmaker.
Creta SUV alone sold over 80,000 units in 2016 and contributed close to Rs 10,000 crore, or $1.5 billion, of the total turnover of $5 billion.
The Indian subsidiary of Hyundai Motors registered a year-on-year growth in profit after tax of 73% and posted an 11% jump in turnover in 2016. The company closed out the year with a record market share of 17%.
The share of India in Hyundai's overall production rose to 13% from 12% in 2016.
India is the third largest production base for Hyundai, bigger than Europe and four largest markets in terms of sales.
Rakesh Srivastava, director of sales and marketing at Hyundai Motor India, told ET, "The company has also transitioned from a compact car maker to one which can make modern premium cars for the Indian market. The acceptance of Creta and the sustained demand for Elite i20 is a clear testimony to this. 70% of our total sales come from the top end variants of all models and that has a positive impact on the commercials of the company."
The company recently launched a refreshed version of Grand i10 and on Thursday it rolled out the new Xcent at an aggressive price. The company will be launching the all new Verna ahead of the festive season in August to further its premium push.