Hyundai to consolidate on the #2 slot
As the company has been able to outshine the home-grown auto major Tata Motors to regain its #2 slot in the Indian market, Hyundai is now aiming to raise its output capacity by close to 70,000 units in order to meet the rising demand of the Indian consumer.
Company's managing director HW Park said that the company will be making minor investments with a view to expand the capacity of the company by 70,000 unties.
However, Park refused to comment on the size of the investment but said that the HMIL's total capacity at its Chennai unit is six lakh units per annum and with this expansion it will reach 6.7 lakh units.
It is to be mentioned here that the company would reduce its exports to Europe by 8% this year at 2.5 lakh units to meet the domestic demand. The company exported close to 2.71 lakh units in the last year.
Park also pointed out the fact that the company will be selling close to 3.4 lakh units in India compared to 2.9 lakh units last year in the domestic circuit.