CHENNAI: EXPORT sales of Hyundai Motor India (HMIL) for May grew by 27.8%, with its overseas sales touching 20,125 units (15,751 units). The country’s second largest manufacturer and the largest car exporter has benefited mostly from its exports to Europe, which continues to grow despite a slowdown in the sector.
Total sales of HMIL for May, 2009, stood at 43,628 units (40,261 units). However, its domestic sales dipped to 23,503 units from 24,510 units last May.
The European Union, led by major automotive markets like Germany, France, UK and Italy, which had recently introduced incentives like the ‘scrappage incentive’ to induce sales in a sagging market resulted in a positive sales scenario for HMIL.
Company marketing and sales Sr-VP Arvind Saxena said the sales climb indictated that incentives have worked in revving markets. "As the demand for our cars grew in the EU market, we were forced to adjust our domestic production to address the needs of this unique market opportunity," he said in a release here on Tuesday.
Source : The Economic Times