| Zipping ahead
Calcutta, Oct. 4: Buoyed by the increasing demand of its cars, Hyundai Motor India Limited (HMIL) has decided to invest $200 million to enhance capacity at its Chennai plant to 2.5 lakh cars by mid 2004.
A company official said, “We are not being able to meet the demand. The company has therefore taken the decision to invest $200 million to enhance the capacity. The Korean parent, Hyundai Motor Company (HMC) has already approved the proposal.”
HMIL is a wholly-owned subsidiary of HMC, Korea, a part of the Hyundai Motor Group comprising Hyundai Motor Company, Kia Motors, Hyundai Mobis and other affiliated companies, with a combined turnover of over $47 billion. The Hyundai Motor Group with a presence in 185 countries and combined annual sales of close to 3 million units is one of the fastest growing auto manufacturers in the world.
HMC registered a 53 per cent sales growth in September and nine-month sales crossed the 1 lakh mark to touch 1,09,802 units against the full year sales of 1,11,051 units in 2002.
Domestic sales bettered last year’s level of 10053 units in September 2002 to touch 11004 units, while exports climbed six fold over September 2002 sales of 1052 units to 6005 units.
The company is currently exporting to countries like Italy, Spain and Netherlands. “We are getting enquiries from other European countries also.”
Combined sales of both Santro and Accent registered record highs of 13016 units and 3818 units respectively.
The company officials said the demand for Terracan continued to be strong and sales climbed from 43 units in August to 54 units in September. Sonata sales grew marginally to 121 units (September 2002 sales 115 units).Total volumes grew 44.4 per cent year-on-year to 79,226 units for the period April- September 2003.
HMIL is India’s second largest carmaker with presence in the B, C and E passenger car segments.
At present, the company markets over 18 variants of passenger cars across four models — Santro in the B segment, Accent in the C segment, Sonata in the E segment and Terracan in the sports utility vehicle segment.