South Korean carmaker Hyundai Motor India, which has been reporting healthy double-digit growths in the Indian automobile market by nearly doubling the industry growth, sees its growth tapering this year and hopes to flourish on a par with the industry. Shrinking growth of automobile industry in the domestic market and slow down in Middle East and South African markets, affecting exports from India, were key reasons for poor growth projections, says Hyundai Motor India MD & CEO YK Koo.
Addressing journalists in Hyderabad on Wednesday, he, however, said Hyundai hopes to maintain its market share at around 17% with launch of modern products every year, catering to the aspirations of Indian consumers. As a part of this it proposes to launch new Tuscon and another sedan, helping improve volumes. Koo said he was disappointed with the growth of Indian automotive market during the first quarter ended March 2016 at around 2.2%, though the South Korean carmaker grew by 7.5%.