The Hyundai Motor India Ltd, India’s second-largest automobile manufacturer has aimed to double its exports this year. Currently, the car manufacturer exports its products to 95 countries from India which includes – the European Union, Africa, Middle East, Latin America and South East Asia. The company exports around 45% of its total production capacity of 6 lakh cars a year.
It has revised its export target to about 2.4 lakh cars, two times more compared to the last year figure and plans to invest USD 250 million by 2013.
The company has announced that the export record is expected to increase by 45 per cent this year contrast to 38 per cent in the last year.
Mr. Rajiv Mitra, spokesperson, Hyundai Motor said, “The company would pump in around USD 250 million by 2012-13 to achieve a cumulative USD 1 billion investment target”. He also said that the Hyundai Motor has so far invested USD 733 million and vendors USD 262 million. According to him, 2.4 lakh cars to be exported, Santro and i10 would contribute about 1.5 lakh cars, while the remaining would be achieved from Getz and Accent models.
Hyundai received 50,000 export orders for i10 model. Now, the company plans to sell total 5.3 lakh cars in both domestic and export markets, 60 per cent higher than 2007, when it registered 3.37 lakh cars.