Hyundai to double exports in 2008
Hyundai Motor India has revised its export target for 2008 to about 2.4 lakh cars, a double of last year's figure of 1.26 lakh cars, and plans to invest another USD 250 million by 2013.autos Updated: Jul 27, 2008 21:10 IST
Hyundai Motor India has revised its export target for 2008 to about 2.4 lakh cars, a double of last year's figure of 1.26 lakh cars, and plans to invest another USD 250 million by 2013.
"We have revised the export target recently to 2.4 lakh cars, up from 2.12 lakh projected early this year. In 2007, we had exported 1.26 lakh cars," a senior company official told PTI.
The country's second largest car company said the share of export in the total car sales by the company would inch up to 45 per cent during the year as compared to 38 per cent in the previous year.
Hyundai spokesperson Rajiv Mitra said Hyundai Motor would pump in around USD 250 million by 2012-13 to achieve a cumulative USD 1 billion investment target.
"Hyundai Motor has so far invested USD 733 million and vendors USD 262 million," the company official said.
Mitra said out of 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 earlier had orders for 50,000 i10 for the export market. Hyundai exports to 95 countries including the European Union, Africa, Middle East, Latin America and South East Asia.
Hyundai aims to sell total 5.3 lakh cars in both domestic and export markets which is 60 per cent higher than 2007 when it registered 3.37 lakh cars in 2007.