In the SUV segment, the automobile industry is seeing a glimmer of hope amid all-round difficulties. The industry's market dropped by 10 percent between January and June, but it has also received bookings of SUVs by 1.5 lakh. The auto market remained extremely sluggish during January-June, while the SUV segment declined marginally by 1.8 percent. Buyers have shown interest in buying bonds like MG Hector, Hyundai Venue, Kia Celtos, Mahindra XUV 300 and Tata Harrier.
For your information, Kia received 6,000 orders on the day the booking was opened for Celtos. MG Motors has received 21,000 hector bookings and has now stopped taking orders for 2019. Hyundai has received 50,000 bookings of some variants of Venue and Creta so far. Mahindra & Mahindra has received 35,000 bookings for the XUV 300. If it combines Marajo and Alturas, which were earlier launched, the figure would reach 70,000 units. One problem is that bookings are done with small sums and not all of them are converted into final purchases. However, industry sources say that the enthusiasm shown by customers under the current circumstances is extraordinary.
In his statement, MG Motor India President and MD Rajiv Chhabra said hector has received excellent responses from customers. He said the company had received more demand than its capacity at the beginning, so we have stopped booking for the time being. He said the company's motive behind closing bookings is to deliver timely delivery to customers. MG Motor plans to increase Hector's production by 3,000 units a month at its Halol plant from October this year. Last year, 7 out of 10 vehicles launched in the Indian market were SUVs. Between January and June 2019, the market share of SUVs in the Indian market rose to 24 percent, up from 22 percent in the same period last year.
In another statement, Hyundai Motor India's National Sales Head Vikas Jain said that despite the sluggishness of the market, customers are preferring new-age SUVs equipped with new technology. "So far, 20,000 units of Venue have been booked. About 55 percent of these customers have preferred telematics features. The average price of the SUV has risen to Rs 80,000-90,000. Despite this, customers are waiting to pay the increased price," said Gaurav Wangal, country head of production forecasting at IHS Market, adding that new companies like Kia and MG are ready to give a new dimension to the Indian SUV market as their focus is on the utility system.
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