Hyundai exports take a hit
A tweak in the global production strategy by Korean automobile major Hyundai has led to shrinking exports from the company's Indian arm.
- Published 10.10.15
Calcutta, Oct. 9: A tweak in the global production strategy by Korean automobile major Hyundai has led to shrinking exports from the company's Indian arm.
Hyundai Motor India, which is still the largest car exporter, has recorded a 10.98 per cent dip in exports in April-August over the same period a year ago, according to the Society of Indian Automobile Manufacturers.
Hyundai officials today attributed the fall in exports to a decision to use its manufacturing facility in Turkey instead of India to cater to the European demand.
"Last calendar year, we exported cars to 112 countries, including European countries. But we have stopped exporting to European countries," said Young Jin Ahn, chief co-ordinator (sales and marketing division) of Hyundai Motor India. He said short distance to Europe and tax benefits were the reasons behind the shift in export base from India to Turkey.