Hyundai CRETA 2024: A Success Story and Future Prospects in India's Automotive Industry
Hyundai CRETA 2024: A Success Story and Future Prospects in India's Automotive Industry
The Hyundai CRETA was launched in January 2024 and since then it has attracted as many as one lakh customers. Hyundai Motors celebrated this significant milestone for its new SUV. Reportedly it has sold over 100000 units within six months. This showcases the brand's popularity and consistency in providing the best services to its customers.
Tarun Garg, the Chief Operating Officer of Hyundai Motor India Limited, expressed his excitement about this achievement, stating, "We are thrilled with the remarkable achievement of the new Hyundai CRETA 2024. Our SUV has achieved another milestone of one lakh sales, reaffirming its strong fan following in its segment." He further mentioned that the company is confident that the Hyundai CRETA will continue to set new benchmarks in the Indian automobile industry and delight customers.
The Hyundai CRETA 2024 embodies Hyundai's global design philosophy of "Sensuous Sportiness," which resonates well with modern, tech-savvy consumers. Its bold and contemporary design appeals to those who love exploring new possibilities. Equipped with advanced Level 2 ADAS safety features, the SUV ensures a safe and comfortable driving experience. The powerful 1.5-liter Turbo GDI engine delivers exhilarating performance, making it a favorite among driving enthusiasts.
The CRETA 2024 is packed with features that enhance convenience and safety. It includes a panoramic sunroof, adaptive cruise control, ventilated seats, a 10.25-inch touchscreen infotainment system, and a 360-degree camera. These innovative technologies are designed to provide a superior driving experience, ensuring that passengers travel in comfort and style.
Since its initial launch in India in 2015, the Hyundai CRETA has been a significant player in the Indian automotive market, selling over 1 million units to date. This success story demonstrates the model's consistent appeal and the trust it has built among Indian consumers. The CRETA has managed to redefine the SUV landscape in India with each new iteration, maintaining its position as a leader in its segment.
While Hyundai celebrates the success of the CRETA, the Indian automotive industry is also focused on the future, particularly the adoption of electric vehicles (EVs). The Automotive Component Manufacturers Association of India (ACMA) has emphasized the need to make EVs more affordable. One proposed solution is to reduce the Goods and Services Tax (GST) on all EV components, including lithium-ion batteries and spare parts, to 5%. This reduction could significantly lower the cost of EVs, making them more accessible to a broader audience.
Despite the growing interest in EVs, the industry faces several challenges, one of which is the high GST rate on battery packs. Currently, these packs are taxed at 18%, a significant factor contributing to the decline in EV sales in recent months. The Society of Manufacturers of Electric Vehicles (SMEV) argues that reducing the GST on battery packs from 18% to 5% could help revive sales and encourage more consumers to switch to electric.
The upcoming third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) initiative is expected to introduce more incentives to support the EV market. Vinod Aggarwal, President of the Society of Indian Automobile Manufacturers (SIAM), highlighted the importance of the automotive industry for economic growth. He hopes the new budget will focus on capital expenditure, boosting both urban and rural economies and fostering the growth of the EV sector.
In Summary, The success of the Hyundai CRETA 2024 underscores the brand's commitment to delivering innovative and appealing vehicles to Indian consumers. As the company celebrates this milestone, it also looks toward the future with a focus on sustainability and electric mobility. The discussions surrounding the reduction of GST on EV components and the anticipated incentives from the FAME III initiative indicate a promising future for the EV market in India. With continued advancements in technology and government support, the Indian automotive industry is poised for significant growth, paving the way for a more sustainable and efficient transportation landscape.
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