Hyundai Motor India aims to increase its exports to 70,000 vehicles a year by 2005 from 8,000 in the year ended March 2003, Dow Jones reported, citing the Press Trust of India
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The report said the company expects exports to rise to 30,000 in the current financial year ending March 2004.
Hyundai Motor India, which produces cars in the $US7,000-$28,000 range, already exports Santro [Atos] models to countries in South America, North Africa, Southeast Asia and Europe and, although India’s $4-billion-a-year car market has been growing annually around 8%-15% in the recent past, companies are now focusing on exports to insulate their businesses against potential local shocks, Dow Jones noted.
Hyundai Motor India has sold around 400,000 vehicles in India, and its Santro models have eaten into the market share of the country’s largest carmaker, [Suzuki manufacturer and importer] Maruti Udyog Ltd, the report added.
