Appreciation of the Indian rupee has prompted Hyundai Motor’s Indian subsidiary to reduced its export target from 265,000 units to 212,000 units in 2008 a company official said.
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“We had earlier decided to export 265,000 units this year but a major appreciation of the rupee has compelled us to cut it to 212,000 units,” Arvind Saxena, senior vice-president, marketing and sales, Hyundai Motor India, told newkerala.com
Hyundai, one of the largest car exporters in the country, exported 116,000 units last year from its Chennai plant.
Saxena reportedly complained the annual Foreign Trade Policy did not announce any relief to help the auto sector.
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