Hyundai's sales number in the country has been known to give a tough time for country's topseller Maruti Suzuki. Factors like Modern technology, good features and dynamic styling has resulted in the brand gaining its popularity in the domestic market. Hyundai India has reportedly also been working on setting up local research and development centers that shall facilitate the development of new cars that shall be build from scratch in the domestic market. The plan reportedly is being chalked out especially as Maruti Suzuki investing about Rs. 2,000 crore in Greenfield Research and Development center in Rohtak, Haryana.
Hyundai Motor India has also been known a India's largest car exporter. This time around the carmaker has been considering using India as a base for exporting cars in new emerging markets. Till now the company laid major focus on delivering cars for the European market, but with a change strategy, Hyundai may focus more on emerging markets of Africa, Latin America and South East Asia. Apart from these, some of the key future markets could be Algeria, South Africa, Nigeria and Mozambique in Africa. Currently the exports numbers have declined by about 30%, but Hyundai has witnessed a double digit growth in the domestic market.
Speaking more on condition of anonymity, a person said, “Exports have always been a very critical arm to make Hyundai competitive in the domestic market and it will remain so in the future also. Exports not only drives better capacity utilization, thereby improving cost structure and boosting profits.”
Source: ET
