Going by what Prakash Padukone said on Tuesday, India could become the first country in…
CHENNAI:Hyundai Motors India Ltd. (HMIL) will introduce two products every year in a bid to become the market leader, a top official said.
“At present, we have 10 products and with the addition of two more products, we will have offerings in each segment,” Y.K. Koo, Managing Director, HMIL, said.
The product pipelineincludes smart hybrid, sub four-metre Sports Utility Vehicle (SUV) and Automated Manual Transmission powered vehicles. With the help of new products, the company hopes to grow at around 6-7 per cent year-on-year.
For 2016, HMIL has planned to manufacture more than 6.6 lakh cars (including 1.6 lakh cars for exports) against 4.7 lakh units produced and sold in the domestic market during 2015. From January to April this year, HMIL sold 1.26 lakh cars, representing a market share of 16.9 per cent, one per cent more than the year-earlier period.
“While the market grew by four per cent, HMIL grew by eight per cent. For the last four years, we have been growing better than the market rate. We are looking forward at maintaining the momentum,” said Rakesh Srivastava, Senior Vice President – Marketing and Sales.
About the possibility of setting up a third unit, Mr. Srivastava said: “With the help of the existing facilities at Sriperumbudur, HMIL can produce seven lakh cars per annum and this can be stretched to 7.1 lakh cars. We will produce cars for the domestic and export markets as well. “With the existing facilities, we can manage the volume for the next three to four years,” Mr. Koo said.
The second largest car manufacturer and largest exporter on Friday announced the commencement of year-long 20 Foundation Day celebrations at its factory in Sriperumbudur, near here. Mr. Koo unveiled the company’s vision for the next 20 years and said they would like to make Hyundai a great place to work, attain market leadership position in the Indian automobile market and make it the most beloved and trusted car brand in India.He
Dream come true
Recalling HMIL’s journey in the last two decades, Mr. Koo said: “Back in 1996, we had a vision of this company reaching its pinnacle of success and 20 years later, that dream has come true…Today, HMI contributes 13 per cent to Hyundai Motor Company (HMC) by volume and is designated as the global manufacturing and exporting hub for small cars for HMC, exporting to over 92 countries.”
In 1999, Hyundai started exports with just 20 cars.
Till March 2016, 23 lakh cars have been exported, making it India’s number one automobile exporter.
In the domestic market, it has sold nearly 42 lakh cars. So far, HMIL has invested $3.1 billion with vendor investment of $1.5 billion.