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Hyundai Ends Exports from India to Europe
Hyundai Motor Co. has freed up small-car capacity in India by ending its export of i10 and i20 small cars to Europe.
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Hyundai Motor Co. has freed up small-car capacity in India by ending its export of i10 and i20 small cars to Europe. The company will supply the European market from its factories in Turkey and the Czech Republic.
Last year Hyundai's factory in Chennai operated at 98% of capacity, producing about 633,000 vehicles and exporting 40% of its output.
Rakesh Srivastava, who heads Hyundai sales and marketing in India, tells AutoBeat Asia the company accounted for 45% of India's total auto exports last year. Halting shipments to Europe will reduce the company's overall exports to 190,000 units and support Hyundai's goal of boosting domestic sales nearly 9% to 410,000 units this year.
Hyundai invested about $170 million to prepare the Chennai facility for the redesigned i20, which launched this week. The model will compete in the Indian market with the Fiat Punto, Maruti Suzuki Swift and Volkswagen Polo. Hyundai also will export i20s to markets in Asia, Australia, Latin America and the Middle East.
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