New markets to offset dip in exports to Europe, says Hyundai

Increased demand for cars from newer markets such as South America, South Africa and Australia will help Hyundai Motor India Ltd (HMIL) offset the decline in exports to Western Europe this year, Mr Arvind Saxena, Director (Marketing and Sales), HMIL, said.

The Korean automobile manufacturer expects a 25-35 per cent dip in exports to Western Europe this year due to the economic slowdown in the region, he told newspersons during the launch of the company's mid-size sedan, the Verna Transform.

“Overall we will just about manage to reach last year's exports this year,” he told Business Line after the launch. Last year, the company exported 2.65 lakh cars, he said.

Mr Saxena said HMIL spent nearly Rs 60 crore to upgrade the Verna. This would result in a 25 to 30 per cent increase in sales; HMIL hopes to sell 2,000 units of the Verna Transform each month. The recent labour unrest at the HMIL plant at Sriperumbudur near here did not affect the launch of the Verna Transform, according to the company's Managing Director and CEO, Mr H.W. Park. “No, it was on schedule and there was no delay in the launch,” he said.

Source: indiacar.com Source : Business Line (Online Edition) (6/24/2010)