Tata Motors, Kia, Hyundai expect to maintain sales momentum in 2023

Tata Motors, Kia India and Hyundai are expected to maintain the sales momentum in 2023 as well. Last year, the dealers saw a good increase in the supply of these companies. However, these companies may face pressure from high base effect, inflation and higher interest rates. Tata Motors is looking forward to a strong performance this year due to the introduction of several new vehicles in the internal combustion engine models, electric vehicles and CNG category. Tata Motors to sell over half a million vehicles in 2022 overall.

Shailesh Chandra, Managing Director (MD) of Passenger Vehicles and Electric Vehicles, Tata Motors, told PTI, “It is expected that this pace of vehicle sales will continue. It’s just getting better.” Asked about sales growth, he said they are expecting double digits. Tata sold close to 43,000 electric vehicles last year, while many new electric vehicles are expected to be introduced in the market this year, which will increase the sales of vehicles in this category as well. Tata Motors’ passenger vehicle sales crossed the five lakh units mark, surpassing industry growth.

Hardeep Singh Brar, vice-president and head of sales and marketing, Kia India, said the company is expecting growth this year as well. “We grew by almost 40 per cent last year while the industry grew by 23 per cent. Our market share also increased from 5.9 percent in 2021 to 6.7 percent in 2022.

Unsoo Kim, Managing Director and Chief Executive Officer (CEO), Hyundai Motor India Limited (HMIL), said, “I see India’s economy very positively as compared to other developed and developing countries. India is progressing faster than other economies. Apart from this, along with the demographic advantage in India, cooperation is also being received from the good initiatives being run by the government.

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