Hyundai India announced on Wednesday that demand for their diesel models is increasing because of the high petrol prices. As we know, that the petrol prices have skyrocketed in the past few months. Due to this, many vehicle buyers are looking for alternative fuel sources.
“Diesel models are 30 per cent more fuel-efficient than the petrol versions which is causing the rise in demand in favour of the former. Hyundai is concerned about the rise in fuel prices,” said, Tarun Garg, director (sales and marketing) of Hyundai India.
This is true as diesel engines are significantly more fuel-efficient than petrol engines. This is especially true on highways or while covering long distances. Diesel’s price is also slightly lower than the petrol which also buyers are considering. However, other things that are important to note are that the diesel engine’s maintenance cost is higher than the petrol engine. Also, in cities like Delhi, the life span of a diesel vehicle is 10 years whereas for the petrol vehicles it is 15 years. Then there is the price of a diesel vehicle. A typical diesel vehicle costs Rs. 1 lakhs to Rs. 1.5 lakhs more than its petrol counterpart. Having said that a diesel engine lasts significantly longer than a petrol engine.
Currently, SUVs are in the most demand, they are selling like hotcakes. Due to this, most of the manufacturers have entered the SUV segment. Hyundai currently holds 47 percent of the total sales that happen in the SUV segment. They currently have the Venue compact SUV, Creta mid-size SUV and the Alcazar 7-seater SUV.
Creta is the best selling SUV in its segment while Venue also gives stiff competition to main rivals and often comes in the top three places. Then there is the Alcazar which is the most recent launch from Hyundai it is also doing fairly well in the Indian market.
“We are expecting good growth this year also on the back of new launches. In the last two years, the company introduced ten products in the country,” said Tarun Garg. D H Park, Executive Director of Hyundai India, said “high fuel price is one of the factors affecting the automotive industry in India. We are experiencing pent-up demand post lockdown last year and also this year.”
Hyundai is also working on an electric car for the Indian market. It should be launched within 3 years. The charging infrastructure is also expected required for the electric vehicle which is the main concern for a lot of manufacturers. Hyundai is investing the in the new project despite the coronavirus situation.
The manufacturer is currently gearing up for the launch of their N Line products that will be performance-oriented variants of their current vehicles. The first vehicle under this will be the i20 N Line that has already been spied and it will get unveiled on 24th August. Hyundai said that they will also be bringing N Line variants of other vehicles.