In a sign of growing confidence in its Indian unit, South Korean automotive manufacturer Hyundai Motor Company has decided to shift the entire production of its mid-size sedan Verna to its facility in Chennai.
Hyundai India plans to build 130,000 units of its new generation Verna and export 80,000 units. It hopes to achieve this target in a couple of years and would export Verna to Latin America, Africa, Gulf countries and several Asian countries, reports Economic Times.
India has been Hyundai’s export hub for small cars, but of late it has begun shipping out bigger vehicles. Last year, it exported 45,000 units of Creta SUV from India, the daily added.
In terms of profit contribution, India is second only to Czech Republic among the South Korean manufacturer’s overseas bases, ahead of other key markets including the US and Brazil.
Hyundai set up its unit in India in 1996 and currently it is the second largest maker of passenger cars in the country with a market share of around 16%, while Maruti Suzuki, a unit of Japan’s Suzuki Motors, leads with 52% market share.