Hyundai Motor India Limited, the country's largest exporter and second largest passenger car manufacturer, has decided to up the ante against other car makers as part of its new strategy for the next 2013-14 fiscal. The South Korean auto maker has set ambitious targets and aspires for a successful 2013 year, in all of its worldwide operations. The company has expressed a positive viewpoint for the next fiscal, in a special presentation in front of the top industry analysts just ahead of its annual shareholders meeting.
As per reports, Hyundai has decided to enhance its cost structures across the worldwide auto markets, in order to improve its operating profit margins. The South Korean auto maker will increase the number of cars in its global product portfolio to 40, of which 33 models are going to be derived from six basic platforms. The development could generate great profits for the company as just two years ago its worldwide line up included 32 cars, which shared 18 different platforms.
Hyundai has also decided to cut its vehicle-development time to just 24 months during the 2013 calendar year. The company's vehicle-development time frame had been set at 40 months in 2002, which comprises the period between design approval and production. However, the development time has been decreased every year since 2002.
The South Korean auto maker has claimed that its global resource utilization rate of its vehicle manufacturing unit stands at an impressive 102.7 per cent. The company's worldwide sales last year were recorded at 4.41 million units. Experts believe that the main objective of Hyundai's new strategy is to increase the average retail price of its models. The company is expected to achieve the target by launching more luxury and high end models in the global auto markets, wherein it has operations.