Kolkata: Bookings of cars manufactured by Hyundai Motor India Ltd (HMIL) have witnessed a modest rise following the strike at Maruti’s Manesar plant and reduction in production volumes at Gurgaon unit.
“Bookings of Hyundai’s cars have increased to some extent”, R. Sethuraman, senior vice president (finance and corporate affairs) of HMIL told reporters, when asked whether the strike at Maruti had helped the company in getting higher bookings.
To a similar query, he said that Hyundai’s market share might rise due to the problem at Maruti.
A file photo of employees at the shop floor, car assembly line, at the Hyundai motors Plant in Chennai
Launching Hyundai Eon here on Tuesday, he said that the company was targeting to sell 1.5 lakh units a year. Sethuraman said that the production capacity at the Chennai plants would be increased from 6.3 lakh to 6.7 lakh per annum to meet the demand.
He said the company is expected to grow by 10% this fiscal, although there had been a slowdown in industry-wide sales due to rising interest rates and high fuel prices. With a present market share of 18.3%, the company is targeting a market share of 20% by the end of the financial year.
Country’s second largest car manufacturer after Maruti Suzuki, Hyundai was the biggest exporter of cars from India to 115 countries.