Hyundai Motor India, India's second largest carmaker, is planning to step up its export for the rest of the year by about 8%. Besides, making India its global small car hub and increasing the R&D headcount by four fold, the company would also start exporting its engines from the Chennai plant from next year, according to media reports.
Hyundai Motor India's Managing Director and Chief executive Officer, Heung Soo Lheem , reportedly said that around 42% of its produce was exported to over 95 countries in the first half and plans to increase up to 50% during the second half, due to slowdown in the domestic industry.
The company anticipates to produce 5.3 lakh units this year, of which about 2.7 lakh units would be exported. From the next year, the production will be increased to 6.3 lakh cars, including 20,000 CKD units. The company plans to export the CKDs to Turkey and other Asian countries from the next year, he added.
HMIL currently exports Santro, Getz, i10 and Accent across the world. It, however, would replace export of Getz with i20, after the introduction of the car in the market.
Lheem further added that the company will start exporting engines from the next year, mainly to their Korean partner, Kia Motors, apart from exporting a certain portion to Malaysian and other Asian markets. The company has set up an engine and transmission plant in Chennai at an investment of $250 million with a capacity to produce 2.5 lakh units per annum.
On making India as the Korean auto giant's global small car hub, Lheem said in a statement that its parent company has decided that all small cars would be produced in India in future and all R&D for small car will happen in India.
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