Hyundai to make India its export hub

Kolkata, Sep 27 (UNI) Hyundai Motor India Limited, the wholly owned subsidiary of Hyundai Motor Company, South Korea, would make India its export hub.

The company, presently exporting 1 lakh cars to 60 countries, plans to export 3 lakh cars from India by 2008, Hyundai's vice-president sales and marketing Arvind Saxena said here today.

Accordingly, Hyundai is raising its production capacity in Chennai to 6 lakh cars per annum by 2007 at an investment of 911 million US dollars, Saxena said adding that the investment would be funded through internal accruals.

Hyundai plans to export half of production to around 72 countries in the next two years, the official said while launching its mid segment car "Verna" in Kolkata. The car is priced is Rs 6.21 lakhs to Rs 6.93 lakhs.

With the launch of "Verna" the company hopes to occupy the top position in the mid sized segment from 18 per cent market share with third position now.

The company selling 2000 Elantra cars in the E-segment plans to bring more improvements in the model, Saxena said.

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