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Hyundai makes India its biggest foreign manufacturing site

 
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Hyundai makes India its biggest foreign manufacturing site
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rohit_bangalore
Indian Propaganda
Indian Propaganda


Joined: 14 Oct 2007
Posts: 781

Hyundai makes India its biggest foreign manufacturing site
SRIPERUMBUDUR, India (AFP) South Korean car giant Hyundai Motor Co opened a second plant in India on Saturday, making the country its biggest foreign manufacturing site.

The new plant in this town, 50 kilometres (30 miles) from the southern city of Chennai, will double Hyundai's manufacturing capacity in the South Asian nation to 600,000 units a year, company officials said.

Hyundai expects to produce 530,000 cars this year, up from 300,000 last year, about half of which will be exported.

"Our new plant will be the platform of future growth," Hyundai Motor chairman and chief executive Mong-Koo Chung said at the opening of the plant.

India overtook the United States as Hyundai's biggest production base outside South Korea with the second plant, company officials said.

"Hyundai Motor India will be our global manufacturing hub for all of our small car models," the Hyundai chief executive said.

Chung said the company also plans to open a research and development facility in the southern Indian city of Hyderabad.

Hyundai is the second-largest car maker in India, behind only Japan's Suzuki Motor, and is the country's largest car exporter.

The South Korean firm expects to export Indian-made cars to 90 countries in 2008, up from 73 in 2007.

The company has set aside one billion dollars for investment in the new facility, about 750 million dollars of which has been spent, it said.

Construction of the plant, which will employ 7,500 people, began in November 2005.

Hyundai drove into India in October 1998 with the commissioning of its first plant at the same site. The initial plant's capacity was 130,000 cars a year.

Car sales are expanding rapidly in the nation of 1.1 billion people, where the Tata group in January unveiled the world's cheapest car, the Nano, that will cost 2,500 dollars. About 1.4 million automobiles were sold last year.

"We are not looking at competing with the Nano on price point," said Ashok Jha, president of Hyundai Motor India, at a press conference. "But we will keep our options open."

Car sales in the country are projected to grow 15 percent annually until 2016, when the market will be worth 145 billion dollars, said R.C. Panda, the top civil servant in the federal ministry for heavy industries.

Global car makers have been steering toward India in recent years as they seek to make inroads into one of the world's fastest-growing vehicle markets and take advantage of its low-cost production.

Hyundai's move comes after Swedish vehicle giant Volvo announced earlier this week it plans to turn a new Indian manufacturing facility into a low-cost export hub to tap rising Asian demand for public buses.
Sat Feb 02, 2008 10:00 pm View user's profile Send private message
rohit_bangalore
Indian Propaganda
Indian Propaganda


Joined: 14 Oct 2007
Posts: 781

Hyundai to invest USD 1 bn in India by 2013 Reply with quote
Sriperembudur (TN) (PTI): Korean car major Hyundai Motor Co on Saturday said it will invest one billion dollars in India by 2013, strengthening its bid to make the country a global small car manufacturing hub.

The company today commissioned its second plant in India set up with a total investment of 528 million dollars (Rs 2,429 crore). It is also investing 263 million dollars on a new engine and transmission plant with a capacity of 3 lakh units a year, besides investing 40 million dollars on a research and development centre at Hyderabad.

"Our new plant will be the platform for future growth. I am sure Hyundai Motor India will play its role perfectly as a global manufacturing gun for all of Hyundai's small models," Hyundai Motor Co Chairman and CEO Moong-Koo Chung said.

Asked about the details of the USD 1 billion investment, Hyundai Motor India President Ashok Jha said most of it has already gone into the second plant and remaining would be invested on it, which will mark the next phase of expansion till 2013.

With the new plant, the company's total production capacity in India will double to six lakh units per annum. It will have a capacity of three lakh units and will be utilised mainly for production of its new hatchback 'i10'.

Jha said the company is targeting to produce 5.3 lakh units this year and by next year it will touch 6-6.3 lakh units.

"With exports being a main focus we expect 50 per cent of our total production to be used for overseas markets," he added.
Sat Feb 02, 2008 10:01 pm View user's profile Send private message
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