Hyundai's Expansion Plans for India

Thursday 11 September 2008, 00:00 AM by Rishi

Hyundai aspires to become the number one car manufacturer in India. It currently holds a market share of nearly 22 percent in India and is country's second largest car manufacturer. It latest model Hyundai i10 has been a huge success in India and has also marked a milestone by bagging more than 1 lakh export orders in record 7 months.

Hyundai i10

"We hope to become the no 1 car major. While our current market share in the domestic market stands at 22 per cent, we hope to become the largest car manufacturer in the time to come," said HS Lheem, Managing Director and CEO, Hyundai Motor India Ltd.

Hyundai also plans to launch two new models every year in order to expand its market share in India. It will also start exporting engines from its Chennai plant next year. It has already made India as its global exports hub for small car and also increased its R&D headcount by four fold. It currently has a manufacturing capacity of 5.3 lakh units per year out of which 2.3 lakh units shall be exported. It will increase its capacity to 6.3 lakh units next year including 20,000 CKD units, by starting a third shift.