Hyundai Motor Company, the largest automotive manufacturer in South Korea, revealed on December 2, 2024, a significant decrease of 3.7% in its global sales, citing declining demand across various markets. This decline resulted in the sale of 355,729 vehicles for the month of November, down from 369,356 units sold during the same month last year. Domestic sales saw a particularly sharp drop, plummeting by 12.3% to 63,170 units. Meanwhile, overseas sales slipped slightly by 1.6%, accounting for 292,559 vehicles sold outside South Korea.
Aggregated data from January through October indicates Hyundai's overall sales fell by 1.7% year-on-year, totaling 3,809,424 units compared to 3,873,724 units during the same period last year. This slowdown, according to statements from Hyundai officials, is tied to several challenging variables including fluctuations in exchange and interest rates, alongside heightened geopolitical risks impacting market dynamics.
Despite the dip, Hyundai is pivoting its strategy to focus more on hybrid vehicle sales, which have been gaining traction globally. The automaker plans to introduce next-generation models throughout 2025, aiming to sustain sales momentum amid these turbulent market conditions.
Conversely, Hyundai's sister company Kia, which holds the position of the second-largest automotive manufacturer in South Korea, reported positive news. Kia posted a 0.8% increase in sales for November, climbing to 262,426 vehicles sold compared to the previous year's 260,363 units. Though domestic sales fell by 4% to 48,015 units, Kia witnessed an overseas sales gain of 1.9%, equaling 213,835 units sold abroad.
For the year-to-date, Kia’s overall sales also showed signs of waning, with numbers down 0.9% from last year, culminating at 2,872,228 vehicles sold between January and November.
Looking to the future, Kia representatives have expressed optimism about reviving sales momentum with the upcoming launches of upgraded models, including the Sportage and Carnival hybrid models, set to be rolled out starting this December. The focus will also be on strengthening the electric vehicle (EV) lineup with the anticipated introduction of new models, the EV4 and EV5, alongside plans for next year’s release of the much-anticipated Tasman pickup truck.
Shifting focus to India, the automotive market displayed resilience with impressive growth figures. Data released on the same day by the Society of Indian Automobile Manufacturers revealed passenger vehicle sales achieved around 4% growth, totaling 3.5 lakh units sold during November alone. This uplift was primarily driven by strong demand stemming from the traditional wedding season, which sparked increased private consumption and buoyed sales of SUVs.
For the January to November timeframe, Indian passenger vehicle sales amounted to 39.8 lakh units, reflecting a 4.1% increase compared to 38.21 lakh units sold during the same duration last year. Leading the charge was Maruti Suzuki, which sold 181,531 units last month, translating to a 5.5% increase from the previous year's 134,158 units. Factors aiding this growth included sustained momentum from October, improved sales penetration within rural markets, alongside the continuing strong demand driven by weddings.
Further reinforcing its market presence, Maruti Suzuki noted its rural penetration improved to 48.7%, marking a 2.2% rise compared to November 2023. Mahindra & Mahindra Ltd. (M&M), another key player, reported total vehicle sales of 79,083 units for November. Notably, their utility vehicle sales surged by 16%, with 46,222 units sold, bolstered by the launch of new electric SUVs, BE6e and XEV9e, slated for phased market entry starting in January 2025.
Tata Motors also made its mark with a 2% year-on-year increase, registering sales of 47,117 units during the month.
Hyundai Motor India, meanwhile, noted domestic sales at 48,246 units and export sales amounting to 13,006 units, reflecting slight declines overall.
Lastly, Toyota Kirloskar Motor (TKM) made headlines with impressive sales figures, achieving 25,586 units, which marks a 44% increase compared to November 2023’s sales of 17,818 units. This sharp rise reflects the growing popularity of their models and strategic market adaptations.
The contrasting performance of these automotive giants highlights the fluctuative nature of the global auto market, with manufacturers continuously adapting to shifting consumer preferences and economic conditions.
