The country’s largest car exporter, Hyundai Motors India Ltd. (HMIL), has estimated a 9 percent decline in its exports in the current fiscal. The estimation of the decline in the exports comes after the company’s decision of shifting its focus towards domestic market. The company is planning to roll-out as many as 9 new car models in the Indian market by year 2015.
The company is aiming to take its domestic sales to 4 lakh cars in the Indian market in the current year as compared to the 3.56 lakh units sold in the last year. However, the export figures of the company will dip to 2.47 lakh units from 2.25 lakh units dispatched to the overseas market, last year.
In a recent statement, Arvind Saxena, director, sales and marketing, HMIL, said, "We would not like to lose any domestic demand; we would first like to cater to the demand within the country. Moreover, our major export market, Europe, is not showing much demand." He added that the company used to export the Hyundai i20 hatchback also from India, but now has shifted the export base for the car to Turkey as it made more economic sense.
