Hyundai's exports to Europe declined due to economic downturn.

 HYDERABAD: Carmaker Hyundai's exports to European region were hit by the economic downturn, said Arvind Saxena, Hyundai Motors India Limited Senior vice-president Marketing & Sales.

"The decline in exports is primarily due to the economic turmoil in Europe. We are trying to cover up our losses from Europe by exporting products to other geographies such as South America and South Africa," Saxena said after unveiling Hyundai Verna Transform in Andhra Pradesh market.

He said currently, over 6,50,000 units are produced from its two manufacturing plants in Chennai. Of this, about 48 per cent are exported, while the remaining 52 per cent are marketed within India.

"The domestic market will continue to increase to about 57 per cent of the total production," he told mediapersons.

According to Saxena, Hyundai had cut down 25 per cent of its exports to Europe following the economic crisis. He said the company expects a growth of 15-16 per cent growth in sales this year.

He added that the present production capacity will be sufficient for the next couple of years.

Hyundai's R&D division in Hyderabad does data analysis, component development and localisation of components besides design and product development of several future products.

HMIL's dealer network will be increased from the current 290 to 320 by end of 2010, Saxena said.


Source : The Economic Times