Active Stocks
Thu Mar 28 2024 15:09:27
  1. Tata Steel share price
  2. 155.50 1.73%
  1. ICICI Bank share price
  2. 1,091.10 0.65%
  1. HDFC Bank share price
  2. 1,446.75 0.42%
  1. ITC share price
  2. 427.40 -0.14%
  1. Power Grid Corporation Of India share price
  2. 276.00 1.83%
Business News/ Companies / People/  Hyundai to ramp up production capacity by 12%
BackBack

Hyundai to ramp up production capacity by 12%

Hyundai to ramp up production capacity by 12%

Premium

New Delhi: The country’s second largest carmaker, Hyundai Motor India, today said it will increase production capacity by about 12% to 6.7 lakh units per annum at its Chennai facility.

The company, which is India’s largest car exporter, has planned to reduce overseas shipments by 8% this year at 2.5 lakh units in order to meet domestic demand.

“We are making minor investment to increase our production capacity to up to 6.7 lakh units per annum," Hyundai Motor India Ltd (HMIL) managing director H W Park told reporters here.

He, however, declined to share details about how much investment the company is planning to put in for enhancing the production capacity.

HMIL has capacity to produce six lakh units per annum at its Chennai facility.

When asked about its sales target in the overseas markets, Park said: “We have fixed the export for this year at 2.5 lakh units, slightly less than last year, as we are focusing to meet our domestic demand."

The company had exported 2.71 lakh units during last year.

He said the company is expecting to sell 3.4 lakh units in the domestic market this year compared to 2.9 lakh units in last year.

Asked if the company is planning to introduce its flagship models, such as Santro and i10, with smaller engines, Park said: “There will be no small engine for i10 or Santro."

Earlier this week, the country’s largest carmaker Maruti Suzuki India launched a 1,000cc variant of its best seller Alto, mainly to lure customers opting for Santro, i10 and General Motors’ Spark. It, however, decided to continue with the 800cc Alto to offer more choices.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 06 Aug 2010, 12:11 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie