Satrústegui (Hyundai):

Leopoldo Satrústegui (Madrid, 1965) assumed the general management of Hyundai Motor Spain in 2013. Graduated in Business Administration from the Complutense University of Madrid, he came to the South Korean firm 15 years ago and has held different positions in the communication, marketing and sales departments .

How did Hyundai fare in 2020?

It was a difficult year for the market, with a drop of 32%, but for Hyundai, in relative terms, it was a good year because we managed to fall less than the market, 27.5% [con 45.505 coches matriculados], and increase our market share by 0.3 points, reaching 5.3%. In addition, our sales mix was better than in previous years due to the greater weight in the retail channel, which accounted for 64.5% of our sales, when the market average was 50%. We thus achieved a record for the share in individuals with 6.8%. Likewise, we managed to climb a position in the ranking of brands, positioning ourselves as the seventh in the Spanish market. The profitability of the dealer network was 1.6%, in a very difficult year because they were closed for almost two and a half months. Thanks to the launch of new models, such as the i20 and the Tucson at the end of the year, we managed to recover the negative profitability of the first months and that the network remained in positive numbers, although lower than the average of 2.3% in other years .

What do you expect from 2021?

It must be a year of growth, of recovery, although we do not know when it will occur. In January there have been many factors such as the increase in registration tax, Filomena and the impact of the third wave of Covid-19, but we are confident that throughout the year the market will recover and we will end with growth that may be between a 15% and 20%. Our approach as a brand is to grow our share again by another 0.3 points and reach 5.6%, which would give us a total volume of about 55,000 units. These figures would represent a growth of 21%.

When will the Spanish market recover the precovid levels?

It will depend on several factors, how quickly the economy recovers, when the pandemic is eradicated with the vaccine, whether measures are taken by the Government such as the taxation review or plans to boost the demand. If all this happened, the 2019 volumes could be recovered [1,25 millones de unidades] in 2022, if not, we will have to wait until 2023.

This year we expect to grow again in share, with some 55,000 registered vehicles, 21% more than in 2020

Is the Government neglecting the motor?

The sector has for years with a proposal to review taxation, replacing the registration tax with one for use, but it is a complex issue. On the positive side, last year the Government launched the Plan to boost the value chain of the automotive industry, which included aid and plans such as Renove and Moves II, and thanks to this the market recovered a little better from what we expected. We would have loved if the taxation had been revised. Although it has not been possible to date, we trust that for the Government the automotive sector is strategic and that other measures may come to continue promoting this sector, which is so important to the economy.

Why do you think the registration tax is not assessed?

It is a complex issue. It is transferred to the autonomous communities, but we trust that there are formulas that allow undertaking the review. It is a historical request, since the car is the only product of necessity that today pays an additional tax to VAT and it should not be like that. We ask for a change in taxation towards use because in addition to being a good way for the most polluting cars to pay an extra tax, it would encourage the renewal of the park, something that would have a very positive impact on reducing emissions and road safety .

The Renove Plan ended with more than 200 million without consuming, why do you think it has not worked?

The plan has worked. It has had its effect, which is to pull the demand. The incentive plans in the end what they have is a call effect. This had it and since its launch there was an improvement in the activity, but later with the additional complexity compared to other previous plans when requesting the aid, the delay in the launch of the platform and that the unit quantities were inferior to others like the PIVE, have made customers prefer to sell their old vehicle. The pity is that what has not worked is the scrapping of vehicles of more than 10 years, which was something very necessary.

If different measures are taken by the Government, the market could recover precovid volumes in 2022

Should aid be increased for modern diesel and gasoline models?

What we ask from the sector is that, in this decarbonization process in which we are all involved, priority be given to the renovation of the park. This has to be done with all technologies: combustion, hybrids, plug-in hybrids and electric. The aid is being prioritized to the electric ones, which still have little weight in the market. It would be necessary to have a plan that incorporates everything so that the old park that we have with an average age of more than thirteen years can be rejuvenated.

Does Hyundai anticipate launching new initiatives to accommodate more digital customers?

The objective is to launch a subscription model for the brand this year, called Mocean, where we offer rental in short terms, from six to twelve months, and which will be totally digital. Our strategy is to evolve with the market, as a company we are making great progress in digitization. We already have a chat between customers and sellers available, the after-sales is fully digitized. We have a website where the customer can buy the car and now we are launching this own subscription model. Although in Spain the majority of clients continue to buy in a traditional way, in the last two years there has been a greater number that have switched to the renting formula. However, purely digital selling is still slow. The vehicle is still the second most important purchase and customers want to see and touch it, and this is done at dealerships.


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