Mumbai, Although Hyundai India has maintained the growth momentum despite the downtrend in the industry which has hit many of its peers, the volatility in the domestic and international automotive markets prompts it to adopt a cautious approach.
Talking to reporters on the sidelines of the unveiling of its two millionth car, Mr H.S. Lheem, Managing Director, Hyundai Motor India Ltd, said that the company would monitor the market trend and decide on the production cut, if any, in a couple of weeks.
According to the company?s own estimation, it may not be able to achieve its production target of 5.3 lakh this year. But Hyundai India spokesperson attributed this to the delay in getting production into full swing.
?We started production in our second plant in February. We lost some time there. So we may not meet our production target,? he said. SIAM data shows that as on October 31, Hyundai India produced 3.05 lakh vehicles.
Export target
Hyundai India, the largest vehicle exporter, had set a target of shipping 2.6 lakh units this year. This too was revised to 2.5 lakh due to deferment of orders to countries including South Africa and Columbia.
However, the two Hyundai plants in Chennai, with the combined capacity of six lakh, will continue to work on three shifts a day, said the spokesperson. The company reported 10 per cent growth in the domestic market at 20,009 in October when the passenger vehicle market showed a decline of 7 per cent.
Hyundai will launch i20 in India in December-January. The first shipment of i20 will reach Europe by around Christmas time, said the spokesperson. Hyundai India brand ambassador, film star Mr Shah Rukh Khan, handed over the two millionth car from the company to Child Relief and You, an NGO working for children.
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