Hyundai has stopped exports from its Chennai, India plant to Europe, as its Indian arm needs to focus on Latin America, Middle East, Australia and Asia as well as the domestic market, PTI said.
The company has shifted production of models for the European market to Turkey and Czech Republic.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Hyundai Motor India Ltd. (HMIL) senior vice-president sales and marketing Rakesh Srivastava said, “It has been about a month that we have stopped serving Europe, which will now be served by Hyundai plants in Turkey and Czech Republic.”
“In the last one year, we launched four brands in India. Therefore, we needed to create capacity. Our priority is the domestic market. So when the Turkey plant became ready Hyundai decided to move export of European model of i20 there. Going forward all the European models of i20 and i10 will be served from Turkey and Czech Republic,” he said.
“India is still a global hub for exports for Hyundai. We will export to Latin America, Middle-East, Australia and Asia from here,” Srivastava added.
The shift will lead to a 25% fall in overseas shipments from the Chennai plant to 190,000 units in 2014 from 253,000 units in 2013.
In 2013, Europe accounted for 40% of the company’s exports from the Chennai plant.
