Toyota, Hyundai post lower domestic sales in Feb
Chennai, Mar 1 : Asian car manufacturing majors Toyota and Hyundai closed last month with lower sales in India as compared to last February, according to a statement issued Friday.
According to a company statement, the Japanese-Indian joint venture Toyota-Kirloskar Motors's sales in the domestic market dropped from 12,756 units this February to 16,659 units sold in the corresponding month in 2012, down by 23.4 percent.
The company also shipped out 1,223 units of its Etios line to South Africa last month posting sales of 13,979 units.
Commenting on the sales, Sandeep Singh, Deputy Managing Director and Chief Operating Offier, Marketing and Commercial said, "The market continues to remain sluggish and with the additional excise duty levied on SUVs (sports utility vehicles) and UVs (utilty vehicles), the market will be further impacted."
On the other hand Hyundai Motor India Ltd., the Indian subsidiary of the South Korean Hyundai Motor Company, sold 34,002 units in the domestic market last month, down from 36,805 units sold in Feb 2012.
However, Hyundai's exports increased by 37.2 percent, shipping out 20,663 units as against 15,050 units in Feb 2012, with total sales last month at 54,665 units up from 51,855 units.
"The market was suppressed as there was drop in enquiries with lower rates of conversions to purchase. The increase in fuel prices negatively impacted the already low market sentiments. We expect the challenge to continue in the next quarter until there is a significant change in macro-economic conditions," Rakesh Srivastava, Vice President, Sales and Marketing at Hyundai Motor India said in a company statement.