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Chennai: Hyundai's next export hub
NEW DELHI: Hyundai Motors India (HMI) has announced of its plan to turn India into an export hub. Keeping in line with this plan, it is looking to export 50 per cent of its production by 2008. To meet the increase in exports HMI has decided to enhance production capacity at its plant in Chennai. "At present, we are exporting 33 percent of our production which we will increase to 50 percent by 2008," HMI vice president, marketing and sales, Arvind Saxena told reporters on the sidelines of Society of Indian Automobile Manufacturers (SIAM) conference. Saxena informed reporters that currently they are exporting to about 66?70 countries in all the major markets. To increase their business in other places they have identified 12 ?13 prospective countries. HMI presently has a capacity of three lakh units per annum and have targeted doubling the capacity soon. The future growth is estimated to be six lakh units per year. The process of doubling has already been initiated. Saxena added further to the figures informing that the company is targeting an export of one lakh plus units for the current financial year. This was to build on the exports last year, which was around 92,000 units.