CHENNAI (INDIA), Jan 28 (Bernama) -- India's second largest car maker, Hyundai Motor India Ltd (HMIL) is planning to increase production capacity to 580,000 units this year, to enable it become the number one player in the country's growing automobile market.
According to HMIL managing director and chief executive officer Heung Soo Lheem, last year the company produced around 490,000 units and made up 24 percent of the total Indian automobile market compared to 17.7 percent in 2007.
He said HMIL's total sales last year was worth around US$4 billion.
"The company had for this year,projected earlier, a production of 550,000 units. But, following a healthy demand, especially from the domestic market last year, we are now targeting to produce up to 580,000 units.
"We are not an exception in facing a slowdown in the global market.But I am ambitious over reaching the target in the second half of this year," he told Asean journalists during a tour of the HMIL plant here on Tuesday.
HMIL currently sells locally and also exports seven models, namely the Santro, Getz, i10,i20, Accent, Verna and Sonata across the world.
Heung said HMIL's parent company, South Korea's Hyundai Motor Company, has decided to produce more of its small cars in India this year. This he explained, was to make India the company's global small car hub.
"Apart from the existing markets in South Asia and the Asean countries, we will be exporting to emerging markets in Australia and New Zealand as well as to all European countries," he added.
Following a phenomenal achievement last year in bagging some of the most prestigious awards in India, Heung believes that HMIL would be continuing its tradition of being the fastest growing passenger car manufacturer in the country's automobile industry.
Source: http://www.bernama.com/bernama/v5/newsbusiness.php?id=386408
According to HMIL managing director and chief executive officer Heung Soo Lheem, last year the company produced around 490,000 units and made up 24 percent of the total Indian automobile market compared to 17.7 percent in 2007.
He said HMIL's total sales last year was worth around US$4 billion.
"The company had for this year,projected earlier, a production of 550,000 units. But, following a healthy demand, especially from the domestic market last year, we are now targeting to produce up to 580,000 units.
"We are not an exception in facing a slowdown in the global market.But I am ambitious over reaching the target in the second half of this year," he told Asean journalists during a tour of the HMIL plant here on Tuesday.
HMIL currently sells locally and also exports seven models, namely the Santro, Getz, i10,i20, Accent, Verna and Sonata across the world.
Heung said HMIL's parent company, South Korea's Hyundai Motor Company, has decided to produce more of its small cars in India this year. This he explained, was to make India the company's global small car hub.
"Apart from the existing markets in South Asia and the Asean countries, we will be exporting to emerging markets in Australia and New Zealand as well as to all European countries," he added.
Following a phenomenal achievement last year in bagging some of the most prestigious awards in India, Heung believes that HMIL would be continuing its tradition of being the fastest growing passenger car manufacturer in the country's automobile industry.
Source: http://www.bernama.com/bernama/v5/newsbusiness.php?id=386408
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