Hyundai eyeing 400 % growth in 10 years: Chairman

Chennai, Sep 18 (UNI) Hyundai Motor Company Chairman and CEO Chung Mong Koo today said the Indian auto market had great potential and the company was expecting more than 400 per cent growth within the next decade.

Hyundai Motor India (HMI) must be ready to meet the rapidly growing demands of the Indian car market and play the role of the global export hub for Hyundai's small car, he said while on a visit to the Indian plant at Sriperumbudur, near here.

The second plant, work on which would be completed by October 2007 , would help increase the export volume up to three lakh units per annum, he said.

"With the Indian automotive industry growing rapidly, the expected market volume in 2006 is 9.7 lakh units as compared to 8.5 Lakh units in 2005. It is likely to grow up to 16.2 lakh units by 2010.

"To meet the growing demand for Hyundai cars in the domestic and overseas markets, HMI is aiming at an all-time high market share of above 20 per cent in the Indian market," he said.

Mr Koo implored the Hyundai workers to strive to ensure Hyundai's global top-tier quality for Indian customers.

He also emphasized on the timely completion of the work on the second plant which was currently under construction to ensure the timely roll out of a new compact car in addition to Santro.

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