Hyundai Motor India
05 Jul 2007
| Models: | |
| Accent GLS, GLX, GVS |  |
| Accent Tornado |  |
| Accent Viva |  |
| Santro |  |
| Sonata |  |
Company profile:
Hyundai Motor India is the wholly-owned subsidiary of Hyundai Motor Company, Korea. The Korean company set up its subsidiary in India in 1996 with a state-of-the-art plant in Irrungattukottai, near Chennai, constructed at a total cost of $614 million.
The company’s debut car in India, the Hyundai Santro, was designed and developed keeping Indian road conditions in mind, and the company’s factory at Irrungattukottai is planned to be the only global manufacturing base. The factory has an installed capacity to manufacture 1,20,000 cars per annum.
In order to make India the global manufacturing hub of the Santro, Hyundai Motor plans to shift the production base of the car from South Korea to India in the last quarter of 2003 and base the Hyundai Motor group’s exports from India.
Between 2003 and 2006 the company will invest $300 million in its Indian operations. It will increase the assembly line as well as the capacity from the present level of 1.2 lakh to 1.5 lakh units in the next fiscal and to 2 lakh units between mid-2003 and 2006. Hyundai is looking at exports of 40,000 units, mostly to Europe, from India.
Hyundai Motors is also planning to shift certain research and development (R&D) facilities from Korea and while basic R& D functions will remain in Korea, India will become the R&D hub in specific areas such as engine, body design or transmission, taking advantage of the available technology skill in India.
The planned capital infusion will also be used to expand capacities and fund product launches, including the premium hatchback Getz and the multi-purpose vehicle Carens. While the Getz is likely to priced between Rs 4.5-5.5 lakh, the Carens is expected to be introduced with a price tag of about Rs 10 lakh. The firm is also exploring the feasibility of rolling out another sports utility vehicle Santa-Fe.
The company recorded combined sales of 93,244 units during the financial year 2001-02. For 2002-2003 the company has set itself a target of selling 1.03 lakh cars. The company’s newest launch in India is the Accent Viva and the company proposes to increase the manufacturing capacity of the Accent from the present 400 units a month to 600 units a month to meet the rising demand.
Hyundai Motor India has targeted to achieve revenues of $1.2 billion by 2004-05, and also become the production hub for small cars. It has attained the distinction of being the second largest and fastest growing car manufacturer in India, having more than 260 service outlets across the country.
Hyundai Motor Company has a presence in 168 nations with a combined sale of close to 3 million units. The company is likely to emerge as one of the top five auto giants in the world in the future.
Registered office and plant:
No 1, SipCot Industrial Park
Irrungattukotai
NHO Shree Perembudur
Taluk, Kanchipuram District
Tamil Nadu - 602 105
Tel: 04111 56111
Managing director: Y S Kim