Hyundai aims non-EU market for doubling exports

Hyundai aims non-EU market for doubling exports


New Delhi: Hyundai Motors, the largest car exporter from India, is aiming to more than double its overseas shipments to three lakh units by next year, for which it is venturing into new non-European markets.

“In line with our strategy to make India a global hub for exports of small cars, we are aiming to more than double our shipments from here," Hyundai Motor India Ltd (HMIL) Managing Director and CEO H S Lheem told PTI.

He said the company would be crossing the 1.2-lakh-unit figure in exports this year and by next year, it would be around three lakh units.

“Our focus is also on expanding the export market. Primarily from shipping products to Europe, we are looking at new markets across the globe such as Australia, New Zealand, Latin America and the Middle-East," Lheem added.

Currently, HMIL exports mainly the Santro as ‘Atos Prime´ to Europe while it has made India the global hub for exporting its premium hatchback ‘Getz´. From next year, it will be adding the new compact car ‘Pa´, whose global launch will be in India in November, to its export basket.

Lheem said currently the company earns about 45% of its revenues from exports. This year HMIL expects an overall turnover of 2.3 billion dollars, which is expected to go up to $3.5 billion next year.

Although sales in India contribute more to the topline, production is equaly split between domestic sales and overseas shipments, he said.

On the impact of rising rupee, he said it has hurt the export bill but the company has been able to offset it as it had also a large proportion of ‘Euro´ bills. “Despite the problems, we have had our share of advantages as we cover the whole of Europe. The proportion of our Euro bill to dollar is 40:60," he added.