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Hyundai plans export of 70,000 cars from India by 2005
Bangalore, May 27: Hyundai Motor India, the Indian subsidiary of the Korean auto giant Hyundai, aims to increase its exports nine-fold to touch 70,000 cars by 2005.
Bangalore, May 27: Hyundai Motor India, the Indian subsidiary of the Korean auto giant Hyundai, aims to increase its exports nine-fold to touch 70,000 cars by 2005.
Hyundai, which exported nearly 8,000 vehicles in 2002-03, has targeted shipment of 30,000 cars during the current fiscal, Hyundai India president B V R Subbu said here.
The company aimed at touching an export figure of 70,000 cars by 2005, he told reporters last night at the launch of Hyundai `Santro Xing'. He said the company exported cars to Latin America, North Africa, South East Asia, North America and Europe.
Subbu said Hyundai, which has so far invested USD 750 million at its plant near Chennai, may invest an additional Rs 850 crore to expand capacity to reach annual production of 2.25 units over the next 18 months.
The Korean auto giant had sold over 1,13,000 vehicles during 2002-03 and aimed at a sales of 1.5 lakh cars during the current fiscal. He said the company grew by 17 per cent, above the industry average, during last fiscal over the previous year.
Subbu said if the Indian economy grew by six per cent, Hyundai would aim at a growth of 10 per cent during the current fiscal.
Hyundai India, which started operations in 1998, has sold over four lakh vehicles including its popular Santro, Accent and Sonata.
Bureau Report
The company aimed at touching an export figure of 70,000 cars by 2005, he told reporters last night at the launch of Hyundai `Santro Xing'. He said the company exported cars to Latin America, North Africa, South East Asia, North America and Europe.
Subbu said Hyundai, which has so far invested USD 750 million at its plant near Chennai, may invest an additional Rs 850 crore to expand capacity to reach annual production of 2.25 units over the next 18 months.
The Korean auto giant had sold over 1,13,000 vehicles during 2002-03 and aimed at a sales of 1.5 lakh cars during the current fiscal. He said the company grew by 17 per cent, above the industry average, during last fiscal over the previous year.
Subbu said if the Indian economy grew by six per cent, Hyundai would aim at a growth of 10 per cent during the current fiscal.
Hyundai India, which started operations in 1998, has sold over four lakh vehicles including its popular Santro, Accent and Sonata.
Bureau Report