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Hyundai bets on affordable SUVs, sees double-engine growth
Hyundai Motor India expects a surge in under Rs 10 lakh SUV demand post-GST cut, with bookings rising ahead of the festive season. The company projects 5% industry growth by March, driven by domestic demand, exports, capacity expansion, and growing EV adoption.
The GST cut is already showing results. Garg noted that bookings have surged in recent weeks, providing a much-needed boost to the auto sector.
Hyundai Motor India is gearing up for a strong growth phase, driven by a renewed push in the sub-Rs 10 lakh SUV category and rising export momentum. The company expects the recent goods and services tax (GST) cut to significantly accelerate demand in the affordable SUV space.
CNBC-TV18 reported, Tarun Garg, COO & Whole-time Director at Hyundai Motor India said that SUVs under Rs 10 lakh will probably see very big growth. "If you give customers the right features — connectivity, ADAS, sunroof, automatics, this is a huge opportunity,” he said.
The GST cut is already showing results. Garg noted that bookings have surged in recent weeks, providing a much-needed boost to the auto sector. Hyundai forecasts that the Indian car industry will swing from a 2% decline until August to about 5% growth by March 2026. “That’s a 7% turnaround starting September,” he said, highlighting the perfect timing with the festive season.
Exports are strengthening Hyundai’s outlook further. As the automaker’s largest base outside Korea, India has recorded double-digit export growth this year. “With exports growing in double digits and domestic sales now picking up, this will be a double engine growth for Hyundai,” Garg added.
The company’s expansion plans are also on track, with a new manufacturing facility in Pune slated to come online in FY26, raising Hyundai India’s capacity close to 1 million units annually.
Meanwhile, Hyundai is closely tracking changing consumer preferences. “Electric penetration was stagnant at 2.4% for two years, but this August it has already reached 6%. The direction is very clear,” Garg said, noting the rising appetite for EVs alongside petrol, CNG, and hybrid vehicles.
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