'Truly An Indian Company Now': Hyundai COO Ahead Of GST 2.0-Led Festive Season Boost

Hyundai Motors is confident of retaining its market share as the Indian automobile giant gears up for a boost in festive sales on account of recent GST reforms. Speaking exclusively to NDTV Profit, Hyundai Motor India's Chief Operating Officer, Tarun Garg, pointed out that the company is ready to meet the festive demand, having already passed on the GST benefits to the customers.

"We were the first company to pass on the full benefits to the customers. We gave the new price to our dealers and customers. Come Sept. 22, we are bracing for a huge opportunity," Garg told NDTV Profit's Daanish Anand, at the SIAM 65th Annual Convention Event.

Amid concerns over rising stockpiles in showrooms on account of a lull in sales ahead of the Sept. 22 GST bonanza, Hyundai sees it as an opportunity to book more sales. "The last four or five months were not very good, so the stock was high. But now with GST cuts, we expect huge demand. We are using this opportunity to book the cars. We’re asking the customers to book now so that their cars can get delivered during the festive season," he said.

When asked about demand in the rural market potentially growing on account of the GST cuts, Garg pointed out that this might be a time for the urban market to 'join the party'. "Last few years, rural markets were the growth engine. The rural market went up from 19% to 23% in terms of contribution to total sales. Now with GST cuts, urban markets are set to join the party," he said.

The Hyundai Motor India COO went on to predict the <Rs 10 Lakh SUV segment will do well this festive season. Garg also talked about Hyundai's positioning in the market, as the company has been enjoying the biggest pie of market share in India after Maruti Suzuki for two decades now.

"We hold this position very passionately. For the last 29 years, we have been in India. With new capacity and new models coming in, a very good marriage is going to happen. With the IPO, we have truly become an Indian company," he remarked.

With the festive season just around the corner, the auto giant is banking on additional offers to customers, as it looks to compete with other players, including M&M and Tata Motors.

"In addition to the passing of the entire GST benefits, we are introducing very good offers to the customers. This is the best time for a customer to come to the Hyundai showroom and buy the cars," he said.