Hyundai cuts export target due to strong rupee

New Delhi: Korean carmaker Hyundai Motor's Indian subsidiary has reduced its export target from 265,000 units to 212,000 units in 2008 due to appreciation of the rupee, said a company official.

"We had earlier decided to export 265,000 units this year but a major appreciation of the rupee has compelled us to cut it to 212,000 units," said Arvind Saxena, senior vice-president, marketing and sales, Hyundai Motor India.

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The auto major, one of the largest car exporters in the country, had exported 116,000 units last year from its Chennai plant.

Saxena also sought sops for encouraging higher exports and complained because the annual Foreign Trade Policy did not announce any relief to help the auto sector.
Source: IANS