The Hyundai Motor India, one of India’s largest car manufacturer and exporter, has put its export orders on hold.
Global recession has put a great impact on Indian car exports. Feeling the storm of economic slowdown, Hyundai has been forced to hold nearly about 25% of its car exports.
Even the entry of Hyundai i10 to US has been shelved due to homologation issue. Though the company has explored new car markets like Australia and New Zealand for exporting its successful hatchback, the company had high hopes from the US market.
Hyundai states that the major car dealers in South Africa, Colombia, and Iceland have asked them to hold back their export orders without giving the company any time for accepting the shipment. With this the company is further moving to explore new markets in the Asia Pacific region in order to meet its export targets.
Hyundai feels that the entry of Hyundai i10 in US may not be fit and perfect. It may need some modifications and customization to meet the US car standards. So, the company plans to export its proposed hatchback, Hyundai i20, to US in near future.
Even further, the company is still in progress to explore new markets for exports.