Hyundai plans to make India its export base for emerging markets in south east Asia, Latin America and Africa.
Citing an anonymous source, India’s Economic Times said Africa, Mozambique, Nigeria, South Africa and Algeria are expected to be the key markets in the future, with Myanmar, Indonesia, East Timor, Philippines and Vietnam driving growth in South East Asia.
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Hyundai India also plans to strengthen its foothold in existing markets such as Australia, Mexico, Columbia, Chile and Peru, with the launch of new products such as the Elite i20, Xcent and Grand.
In the next few years, the Indian unit expects its exports to make up 40-42% of total production, up from 30% in the January to September 2014 period.
The source told ET: “Exports have always been a very critical arm to make Hyundai competitive in the domestic market and it will remain so in the future also. Exports… drives better capacity utilisation thereby improving cost structure and boosting profits.”
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