Hyundai Motor India introduces Venue Executive Turbo at INR 10 lakh
The Hyundai Venue Executive Turbo variant has been developed Keeping in mind the bold aspirations of today’s buyers, the company said.
The Hyundai Venue Executive Turbo variant has been developed Keeping in mind the bold aspirations of today’s buyers, the company said.
The company now meets 64% of its energy requirements from renewable sources, and aims to reach the 100% mark ahead of most automakers in the country. RE100 is the global corporate renewable energy initiative by the Climate Group, bringing together hundreds of large and ambitious businesses committed to 100% renewable electricity.
Passenger vehicles and three-wheelers continued to achieve their highest sales ever for the period of April to January in FY 24. This growth was driven by positive consumer sentiments and strong sales in rural areas.
After two consecutive years of sales growth, Hyundai Motor India (HMI) expects an upwards trajectory in 2024. Putting all its eggs in the EV basket, the Korean carmaker expects several technology advancements to shape the next decade of the mobility industry in India. In the mid-to-long term, it aims for India to be its number one market globally. “The mission for 2024 is 'Consistency and Sustainability' and to continue our journey by charting out a path that will define the future of mobility for India,” Un Soo Kim, MD and CEO, Hyundai Motor India, told ETAuto in an interview.
Indian carmakers Maruti Suzuki, Hyundai Motor India, and Tata Motors reported their best-ever monthly sales in January, with volumes growing by over 13%. Maruti Suzuki sold 166,802 units, Hyundai Motor India sold a record 57,115 units driven by the newly launched Hyundai CRETA, and Tata Motors saw sales increase by 12%. Two-wheeler companies Honda Motorcycle & Scooter India and TVS Motor Company also reported significant growth. However, commercial vehicle sales were subdued, with Tata Motors experiencing a decline, and Mahindra Tractors reporting a 17% decline in sales.
This strong growth has been fuelled by an overwhelming customer response to the newly launched Hyundai CRETA, which has already garnered close to 50 000 bookings within a month of the booking open announcement, the company said.
India's enduring fascination with SUVs continues to grow, with over 16 passenger vehicle models crossing the 100,000-unit sales mark in 2023, more than half of which were SUVs. The trend is expected to continue as new SUV models prove to be instant hits.
An MoU for this was signed between Hyundai Motor India and Government of Maharashtra in the presence of Uday Samant, State Industries Minister, and Un Soo Kim, MD & CEO, Hyundai Motor India Ltd., in Davos on January 18, 2024, the company said.
Hyundai Motor India plans to invest INR 7,000 crore on its second plant at Talegaon in Maharashtra, aiming to increase sports utility vehicle sales to 65% of its overall volumes in 2024. The company also plans to introduce the new Creta mid-sized SUV and commence production at the newly acquired plant.
Automobile shipments from India declined 21% last year due to monetary crises in overseas markets, according to SIAM data. Overall exports fell to 42,85,809 units from 52,04,966 units in 2022. Passenger vehicle shipments increased by 5% to 6,77,956 units, while commercial vehicles, two-wheelers, and three-wheelers saw declines in exports. Two-wheeler exports slipped 20% to 32,43,673 units, and three-wheeler exports declined 30% to 2,91,919 units.
In his 43-page order, Justice Milind Jadhav observed that if a company approaches the court for closure of its establishment on the ground of accumulated losses as per the law, the possibility of unemployment of the workers can't be a ground to compel the company to run its business and refuse closure. "The accumulated losses in the present case are substantial. They pan out over almost a decade prior to the closure announced by the company.