September 15, 2008

Hyundai Motor to Reach 2 Million Sales Mark in India this Year

Hyundai Motor India Ltd. is aiming to sell over 2 million vehicles this year in Indian car market. Being the largest car exporter in India, Hyundai Motor India is now eyeing on increasing its sales volume in the domestic market, besides expanding its global market share. So far, the automaker sold 1.91 million vehicles this year and it is pretty much confirmed that the sales volume would easily exceed 2-million mark by the year end.

The South Korean automaker might experience a surge in its sales once Hyundai i20, the company’s upcoming model, will hit the Indian market by the end of this year. Hyundai Motor is India’s second largest car maker in terms of sales volume and the company has seen extensive growth over the last ten years since it started its activities in India’s fastest growing car market.

Earlier this year, Hyundai launched i10 model that brought huge success for the car maker both in Indian as well as in other markets. At present Hyundai i10 is being exported to 96 countries from India. Hyundai is now planning to make India its export hub for small car. In February, Hyundai Motor opened its second manufacturing plant in Indian market, taking its annual sales volume to 600,000 units. It is clear that Hyundai is fascinated with Indian car market for a number of reasons. First of all, the production cost in India is much less than the cost in many other counties due to cheap labor. Secondly, Indian car market is increasing very fast and will keep increasing for a number of years to come. That means, Hyundai has the opportunity to grab more market share in India.

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