Hyundai Motor India posted a 37.6% jump in ad spends, in FY’23 as compared to FY’22. The company spent around Rs 491 crores in FY’22, and increased it to Rs 677 crores in FY’23. The auto major also saw around 27% increase in its revenue from operations, as it went from Rs 47,042 crores to Rs 59,761 crores.

The standalone profit before tax and profit after tax for FY’23 was around Rs 6,268 crores and Rs. 4,653 crores respectively as compared to Rs 3,722 crores and Rs 2,861 crores respectively for the FY 21-22, recording an increase of 68.4% in PBT and 62.6% in PAT respectively.

In fiscal year 2022-23, India's electric car sales surpassed one million units. According to the data from the Society of Manufacturers of Electric Vehicles (SMEV), the whole EV industry sold 11.7 lakh units in FY’23, as against 4.58 lakh units in the previous financial year, a significant 154% year-over-year increase with two-wheelers accounting for 62% of the sales and 4 wheelers only 4%.

Hyundai in its financial report shared the company is also accelerating its electrification strategy to become a market leader in the EV system.

The total production of the company for FY’23 was 7.27 lakh units as against 6.06 lakh units in the previous year, an increase of 20%. It also registered its highest ever sales in FY’23. All the Marquee Hyundai models like Creta, Venue, Alcazar, Tucson, Aura and Grand i10 Nios registered their highest ever annual numbers in FY’23.

The domestic sales during the year was 5.67 lakh units as against 4.81 lakh units in the previous year, registering a growth of 17.9%. On the export front, Hyundai’s sales increased from 1.29 lakh units to 1.53 lakh units, a growth of 18.4% contributed mainly by African and Latin American markets.

The company is also in the process of increasing the production capacity to 8,50,000 units p.a. to meet the market demand by further automating certain processes. It mentioned in its report that it will introduce advanced technologies like AI and digitalisation to enable the transformation of the entire factory to a Smart Factory.