Hyundai Blames Poor Sentiment For Poor Show

Published: Wednesday, November 2, 2011, 17:08 [IST]

India's second highest selling carmaker Hyundai Motors has posted a 7.5 per cent drop in its October sales. The South Korean carmaker which launched the new Eon small car said the festive season was not able to push sales due to an over all negative sentiment in the market.

Hyundai Motor sold 48,325 units in October 2011 as against the 52,217 vehicles it sold in October 2010. The company was hoping the festive season will be able to improve sales but the results show otherwise. Speaking about Hyundai's October sales, the carmaker's Arvind Saxena said: “ We have seen that sales get a boost in the festive season but this year sentiment has been tepid."

Hyundai believes the market sentiment is still poor and will remain so for some time. The raising fuel prices and interest costs are considered to be the primary reasons for the sales decline. Hyundai's domestic sales fell five per cent to 33,001 units while exports fell by a sharper 12.4 per cent at 15,324 units from 17,497 units exported in October 2010.

Hyundai has stated that it had received more than 9,000 bookings for the Eon. Although the response for the Eon has been positive, the car's true potential can be seen only in November where we can see a whole month's sales. The Eon was launched in the middle of October.

Article Published On: Wednesday, November 2, 2011, 15:34 [IST]

Read more on: #hyundai motors #sales #eon

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