The country’s second largest car maker Hyundai said it is on the verge of increasing its products for Indian market. The demand as on now may need the increase by 70000 units, said the CEO and MD of the company. The current production capacity of Hyundai is 6 lakh annual units from its two plants in affected the expected target. The scrappage scheme
Chennai. In order to increase the production the company is likely to shell out a minor investment, he added. By increasing the production, the company is on the stepping up of export potential too, by 8%, despite fluctuating demand overseas. In 2009, Hyundai exported 2.71 units covering 110 countries like Europe, Latin America and Africa.
The proposed export target may take the toll to more than 2.5 lakh units(this year’s export target). But the company’s major focus is domestic market, he remarked. The reduction in demand from Europe, due to the withdrawal of scrappage scheme,
was promoted to induce the purchase of new cars for old ones on the offer of incentives.
Hyundai’s sale during July 2010 was 50411 units against 45539 units in the same month last year. From these the domestic share was 28811units and the export deal was 22,346 units marking a fall by 3.3%. The SUV, Sante-Fe is expected to be rolled down in December 2010. Since its entry into India some 14 years ago, Hyundai has introduced its major brands which included compact hatchbacks Santro [images], i10 [images] and i20 [images], and the sedans Accent [images], Sonata and Verna [images].