Hyundai’s Free Car Clinic
South Korea’s Hyundai Motor plans to expand the annual production capacity of its car making plants in India from the current 650,000 units to 710,000 units as part of an effort to gain a larger share in the fast-growing South Asian market.
Young Key Koo, managing director of Hyundai Motor India Ltd (HMIL), said in a recent interview with Indian media: “We are reviewing the idea of expanding the Indian plant’s annual output from 650,000 cars to more than 710,000.”
In 1998, Hyundai Motor completed its first plant at the southern Indian state city of Chennai, with 300,000 cars per year output. It laid the plant foundation in 1996.
It expanded capacity at Chennai by 350,000-unit in Chennai in 2008.
In 2015, Hyundai Motors produced 643,270 cars, an increase of 4.9 per cent on the year.
The company’s Indian market share rose to 17.3 per cent last year from 16.2 per cent in 2014. Fii-news.com
Meanwhile, speaking at HMIL’s 20-year celebration in India on May 6, 2016, Koo said Hyundai’s vision is to reach more customers by launching 2 new products every year, expanding its footprint across the country to offer the customer, products and services beyond their expectation. M
HMIL’s state–of–the- art manufacturing facility is being upgraded and automated periodically. Currently, the investments stand at US$3.1 billion with vendor investment at US$1.5 billion.
Koo said “This is a very important milestone for us. 20 years ago we only had a dream of transforming the Indian auto industry by introducing contemporary products and today that dream has come true.
“We were also the first proponents of “Make in India” and showcasing India’s manufacturing prowess to the world. That vision is validated with HMIL and India remaining at the heart of HMC’s global operations and a key hub for exports. We have received tremendous support from the Indian customer and I am confident that this support and co-operation continues, going forward,” he said. fii-news.com
