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The investment on small car market in the compact car section in India is boosting, Hyundai Motor, the Korean car maker has ascended the total investments of Rs 7,000 crore for its operation in India. The II-phase of the investment is expected to be Rs 4,000 crore for its second car plant at Irungattukottai, Chennai. This unit will help the company to double its production volume to 6 lakh cars per year and also to strengthen its Indian operations globally as a manufacturing hub for its small cars.
The second facility, which is located near to the first plant, was inaugurated by Tamil Nadu Chief Minister M Karunanidhi. Hyundai Motor Company Chairman and Chief Executive Officer Mong-Koo Chung and R C Panda, secretary, Union Ministry of Heavy Industries and Public Enterprises were also the part of the inauguration. The company has recorded a great growth of production of cars from 1.3 lakh cars a year in 1998 to 6 lakh cars a year in 2008. The phase-II expansion will also see Hyundai’s vendors investing of about Rs 2,500 crore for its expansion.
Hyundai had invested about Rs.28 billion and vendors invested around Rs.8 billion in the I-phase. Of the total investment of Rs 7,000 crore for both the phases and the second plant will be concentrating on the new offerings of ‘i10’ initially both for domestic and export markets and is expected to roll out 5.3 lakh cars for the year 2008. Hyundai Out of which, 40-50 % of the output will be exported.
At present they have set up in 73 countries but are expecting to widen their market to 90 countries by 2008 end. Looking at the sales report of 2007, we will see that Hyundai sold 327,160 vehicles which is 9.2% hike over 2006. Whereas the domestic market sales went high by 7.6% at 200,412 units and 11.8% raise in the exports sales. Over the past five years the Indian car sales for the passenger cars have rose to 15%.
Hyundai is also planning a low-cost drive for India by rolling out its ‘Public car’ by 2011. A competitor for the Tata Nano, it will be also priced around one lakh.
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