Hyundai crosses one million mark
Hyundai Motor India Ltd (HMIL), the Indian arm of South Korean automobile major, on Monday unveiled its one millionth car, and said it had plans to launch three new products this year.india Updated: Mar 14, 2006 02:03 IST
Hyundai Motor India Ltd (HMIL), the Indian arm of South Korean automobile major, on Monday unveiled its one millionth car, and said it had plans to launch three new products this year.
Buoyed by the success of rolling out one millionth car in less than eight years of commencing production, HMIL said it would launch two new models every year from 2007.
Speaking to reporters here, HMIL MD HS Lheem said, “Newly-designed variants of Accent and diesel Sonata are slated to be launched in the current year. Verna, a premium new sedan, is expected to hit the road in October.”
The company is confident that its new plant to manufacture three lakh units annually would commence production from October 2007, easing pressure on capacity. “We are confident that Hyundai has the potential to overtake Maruti Udyog Ltd by 2010. In terms of exports, we are already way ahead of Maruti,” a beaming HMIL President BVR Subbu stated.
He, however, ruled out introduction of diesel engine on compact cars. The compact car diesel market is expected to witness competition with Maruti diesel engine plant commencing production by the end of the year.
He said the facility on the outskirts of Chennai would be utilised as a global hub for the export of compact cars. “We are at present largely focusing on Santro, and would export some Accent as well. We will add another model in future,” Lheem added.
HMIL MD said the setting up of a new plant and upgradation by vendors would entail an investment of $600 million.
“The capacity addition is being funded through internal accruals,” he stated.
The existing plant capacity of 2.8 lakh units is being raised to three lakh units by introducing third shift. Lheem said the company hoped to export 50 per cent of its production beyond 2007.
He said the speed and volume displayed and generated by HMI was in line with its endeavour to fulfill its commitment of global standards to Indian customers and of significant contribution to the growth of Indian automotive industry. At the same time, it was a reflection of the acceptance of its products and services in India and of internationally the latest designs and global quality, he added.