Hyundai Motor India Ltd has booked revenues of €182 million (INR 10 billion) from small car exports so far this year.
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Hyundai ships the Atos Prime (Santro Xing in India) to Africa, Europe, the Far East and Latin America.
Since Hyundai established its Indian operation as the ‘centre for small car excellence’, HMI’s focus on exports has sharpened with shipments quadrupling in 2003-04. This year’s target is to double volume to 70,000 units.
HMI recently expanded production capacity from 150,000 units to 250,000 units a year, funded internally after ending the 2002-03 financial year with reserves of €100 million. Hence the self funding of the €145 million (INR 8 billion) cost of expansion, finished in the second quarter of fiscal 2003-04 without external debt.
Deepesh Rathore / Tilak Swarup
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