Hyundai India Exports Influenced By Current Eurozone Crisis
Major economic crisis facing European markets would have drastic effects on exports of Hyundai Motor India. The company which exported over 2.25 lakh cars this year had exports of 2.47 lakhs in the previous year and this drop in exports has the company officials worried.
Mr. Arvind Saxena, Director and Board Member – Marketing and Sales at Hyundai Motor India said that the situation in European markets is not conducive and hence the company has experienced reduced exports of their vehicles.
Hyundai Motor India which exports to 115 countries across the globe suffered a setback during 2011. They recently launched an entry level car in the small category priced at Rs.2.69 lakhs to Rs.3.17 lakhs.
This vehicle is said to offer competition to Maruti's Alto and is powered by 814 petrol ending. Hyundai has invested Rs.900 crores in the development and production of Eon and have plans of producing at least 1.50,000 such cars during the coming year. Saxena said the company would be focusing on sales of Eon to domestic markets before exporting to S. America and S. Africa
Source: rushlane.com
CAclubindia
