Overall, Hyundai’s cumulative sales declined by 14.44 per cent to 55,287 units from 64,621 units in the same month last year. The company registered a modest monthly (month-on-month) growth of 1.24 per cent in the domestic market, with 44,050 units sold in February 2022.
Talking about the financial year 2022, during this period the company registered a growth of 2.1 percent with sales of 4,81,500 units in the domestic market. In the financial year 2021, this figure was of sales of 4,71,535 units. Hyundai’s exports grew by 23.9 per cent to 1,29,260 units in the same financial year as against 1,04,342 units in the same period in FY21.
The carmaker’s cumulative sales grew 6.1 per cent to 6,10,760 units in FY22 from 5,75,877 units in the same period a year ago. Hyundai said that production of some key models has been impacted due to semiconductor shortage, leading to a drop in sales.
Looking at the previous sales figures, the company had registered a decline of 14 percent in sales in February 2022. The company had sold 53,159 units in February 2022, compared to 61,800 units in the same month a year ago.
Hyundai Motor will make e-fuel
Hyundai Motor Company is working on the research and development of advanced e-fuel in collaboration with Saudi Arabian oil company Aramco and King Abdullah University. The main goal of this research is to develop fuels with low carbon emissions. Hyundai Motor has selected its state of the art facility and King Abdullah University fuel research powerhouse for research on this project.
The company claims that if this project is successful, it will lead to a major breakthrough in reducing vehicular pollution in the environment. Hyundai says electric vehicles are increasingly being adopted around the world. However, the adoption of electric vehicles in many countries has been slow due to the high cost of electric vehicles and the lack of charging networks. In such a situation, the use of e-fuel will not only maintain the use of existing vehicles but it will also reduce pollution.