Hyundai to shift Getz Prime manufacturing to India

Bangalore, Apr 3 (UNI) Automobile major Hyundai Motor Company Limited proposes to shift production of its premium hatchback 'Getz Prime' for the export market, from Korea to India as it was done with Santro.

The Korea-based company proposed to sell 30,000 units on an annual basis in the country and export 40,000 units manufactured in India plant. Other than India, Getz Prime was being exported only from South Korea, from where the company shipped one lakh units annually.

Talking to newspersons after launching Getz Prime here today, company Vice-President (Marketing) Arvind Saxena said the base for production of Getz Prime would be shifted to India over a period of time. Like Hyundai made India the export hub for Santro, it would do so for the latest product too, he added.

''India would truly become a small car export hub for Hyundai.

Over a period of time, Getz would be manufactured here and exported around the world,'' he said.

Mr Saxena said his company had invested about Rs 4,000 crore in expansion activities in India, including for setting up an engine plant. During 2006, total sales of 2,99,513 cars, including export of 1,13,339 units, was reported, thus registering an increase of 18.5 per cent over 2005.

He said a second plant would be set up in India with a production capacity of an additional 300,000 units per annum to take the total production capacity to 600,000 units by 2007-end and about 50 per cent production would be for exports.

Mr Saxena said the company was looking to capture 21 per cent of the projected 1.5 to 1.6 million passenger car market in India by 2010.

To a question, he said there was no plan to go public.

Referring to increase in lending rates on car loans by banks, he said it would have an impact on overall automobile sales in India.

UNI