Hyundai Motor India has officially announced that they will cut down on exports and allocate 70,000 units more in 2010 to satisfy local demand. Hyundai’s current annual capacity at its Sriperumbudur plant near Chennai is 6,00,000 which will be raised to increase production. Hyundai will make the required investment and changes. Hyundai is shifting focus to the local market as global demand slides after scrappage schemes come to an end in Europe. Last year, Hyundai exported as many as 2.71 lakh cars to over 110 countries and plans to export 8% less in 2010.
H.W. Park, chief executive, HMIL said
“We will increase our production capacity by 0.7 lakh units at our factories to meet the rising demand. We will make minor investments for the increase in production capacity. Our export target for this year is fixed at 2.5 lakh units, which is slightly less than last year. We want to focus more on meeting the domestic demand.”
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That’s an intelligent step….exports can wait.
Posted by Carazoo | August 9, 2010, 10:46 am