The unusual rare earth magnet issue, which was triggered by the Chinese government's ban on exports of the essential commodities earlier this year, doesn't seem to have alarmed Hyundai India. In response to concerns over China's prohibition on rare-earth magnet exports, the Indian branch of the South Korean auto giant downplayed the situation and stated that its present supply of rare-earth magnets is enough to weather any short-term disruptions. This is due to worries that the Chinese government's export restrictions on rare earth magnets, which are essential to the automobile industry, could cause significant disruptions in the industry.

According to a Reuters interview with Hyundai's production chief Gopalakrishnan C S, the business is still unaffected by the prohibition due to its sufficient inventory. He stated, "With rare earth as such, we are not facing any issue. We have adequate inventory for the near term already."

The OEM, on the other hand, saw a 13% increase in exports year over year, which helped offset a 6% decline in quarterly sales, and the automaker anticipates that international sales will increase by as much as 8% this fiscal year. Unsoo Kim, managing director of Hyundai India, stated that he anticipates the trend to persist, with exports accounting for 27% of first-quarter sales and a 30% share planned for the entire year. But in the last quarter, Hyundai's domestic sales fell 12%. Similar to many of its competitors, Hyundai is relying on lower interest rates and the approaching holiday season to revive domestic demand.

The Hyundai Creta continued to dominate the market, boosting the company's domestic sales in India, while the CNG sector saw strong expansion for the brand. The advent of dual-cylinder technology and new models drove a 15.6% increase in Hyundai's overall sales, according to an official statement.

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