Hyundai India to see more profits than China in ’10
Korean auto giant Hyundai Motor Corporation on Wednesday said that its Indian operations will return more profits than its other big Asian market--China, next year. HT Correspondent reports.business Updated: Nov 18, 2009 23:12 IST
Korean auto giant Hyundai Motor Corporation on Wednesday said that its Indian operations will return more profits than its other big Asian market--China, next year. India and China have been Hyundai's two big growth markets over the last decade, and are largely responsible for the carmaker's climb in the top five biggest automobile companies in the world.
"During the last 13 years that we have been in India, we have never run into losses even for a single year," said H W Park, newly appointed CEO and MD, Hyundai Motor India Ltd. "Indian operations inclusive of the exports, account for 15 to 20 percent of the company's overall revenue. Our China operations are also very good and profitable. Next year (2010), in terms of profits we will be more than China."
In the first nine months of this year, Hyundai's operations in China have seen a 88 percent increase in sales volumes and a 124.5 percent increase in sales revenue. In India, the growth has been to the tune of 12.3 percent in terms of sales volume and 35 percent in sales revenue during the same period. Its US and Turkey plants have declined during the same period.
"India will continue to be a key market for us and we will concentrate on strengthening our dealer base," Park said. "From our current dealer base of 274, we plan to have over 320 dealers by 2010 to expand our footprint."
The company sells eight models across segments in the country but with the market predominantly being driven by small cars, Hyundai's success has also been limited in bigger cars. The company is already developing a car smaller than its entry level Santro to be launched in 2011.