Mumbai, Nov 13: Celebrating its two millionth car production in the decade of its existence, Hyundai Motor India has no immediate plans to cut its production in view of the slowdown impacting the industry, due to the US financial meltdown. However, the Company was expecting a hit this year in view of the decreasing demand and expected the daily production of 2,200 cars might come down in the next few months.
With over 50 per cent of its cars produced in India exported, the Chennai-based Auto major has targeted a production of little over 5.3 lakh cars this year. However, there might be some hit, a company spokesperson told the sources on the sidelines of the function held to hand over the two millionth car to voluntary agency Childrens Rights and You (CRY) by its brand ambassador and actor Shah Rukh Khan.
Company Senior Vice President for sales and marketing Arvind Saxena said that the exports for the year would be around 2,50,000 units as against the expected 2,68,000. The Company had export orders to meet till February and a few of the 97 countries importing Hyundai cars from India had postponed the orders. Last year the export was around 2,20,000 units.
Mr Saxena, replying to a question said that the Company had conceptualised to produce a car costing lower than its high selling Santro. The model was still on concept stage and is likely to hit the roads in the 2011 frame, he added.
Hyundai India, which sold its one millionth car in March 2006, completed the second million today and was the first auto major in the country to achieve this production level in shortest time, Mr H S Lheem, Managing Director said.
Hyundai started pilot production of Santro at its plant in Sreperampudur in May 1998 and the first car made its world debut in India on September 23 the same year.