- News>
- Companies & Commodities
Hyundai pins high hopes on local unit to become top 5 carmaker
New Delhi, Aug 17: Hyundai Motor India, country`s second-biggest carmaker, expects to boost sales by over three- fold to half a million units as part of an aggressive plan of its parent company to become one of the top five automakers in the world by 2010.
New Delhi, Aug 17: Hyundai Motor India, country's second-biggest carmaker, expects to boost sales by over three- fold to half a million units as part of an aggressive plan of its parent company to become one of the top five automakers in the world by 2010.
It also plans to set up a second manufacturing facility
by 2006 to cater to surging domestic sales and exports,
Hyundai Motor India (HMIL) managing director J I Kim told.
South Korea's Hyundai Motor Company (HMC), which along with its subsidiary Kia Motors is now the seventh largest automaker in the world, has targeted to boost global sales by two million units to at least five million vehicles annually by 2010.
"Majority of the extra two million units will come from outside of Korea like India, US, parts of Europe and China," Kim said.
He said the Indian unit, the largest overseas operation of HMC, would play a vital role in the drive to become one of the world's top five automakers.
"One-fourth of the two million units should be produced in India," Kim said adding, the hatchback car 'Santro' would be an important factor in achieving that goal.
"Over 80 per cent of the half a million cars to be sold in India is likely to constitute the 'Santro'," he said.
HMIL has a plant at Chennai where it produces 'Santro', mid-size model 'Accent' and luxury Sedan 'Sonata'.
The plant, which started commercial production in 1998, can now make 1.5 lakh cars annually, which is being hiked to 2.5 lakh cars annually by the end of next year.
Bureau Report
South Korea's Hyundai Motor Company (HMC), which along with its subsidiary Kia Motors is now the seventh largest automaker in the world, has targeted to boost global sales by two million units to at least five million vehicles annually by 2010.
"Majority of the extra two million units will come from outside of Korea like India, US, parts of Europe and China," Kim said.
He said the Indian unit, the largest overseas operation of HMC, would play a vital role in the drive to become one of the world's top five automakers.
"One-fourth of the two million units should be produced in India," Kim said adding, the hatchback car 'Santro' would be an important factor in achieving that goal.
"Over 80 per cent of the half a million cars to be sold in India is likely to constitute the 'Santro'," he said.
HMIL has a plant at Chennai where it produces 'Santro', mid-size model 'Accent' and luxury Sedan 'Sonata'.
The plant, which started commercial production in 1998, can now make 1.5 lakh cars annually, which is being hiked to 2.5 lakh cars annually by the end of next year.
Bureau Report