Hyundai aims new India-made mini at Europe
Hyundai Motor Co, the biggest auto exporter from India, expects to ship 110,000 i10 minicars to Europe, the Middle East and Asia next year as the South Korean automaker boosts production at its new factory.
The i10 minicar, unveiled in New Delhi yesterday, will also be sold in India, the Seoul-based automaker said.
Hyundai, Nissan Motor Co and Suzuki Motor Corp are setting up factories in India to produce cars for exports, taking advantage of cheaper labor and parts costs. India's government cut taxes on small cars last year in a bid to make the country an automobile hub.
Hyundai plans to sell 120,000 units of the i10 in India next year. The carmaker opened a $900 million factory in the country earlier this month, doubling its annual capacity to 600,000 units.
"Hyundai Motor India is poised to play a very important role, not only in India, but also in Hyundai Motor's global plans," the company said in the statement.
The automaker's car exports from India gained 14 percent to 67,625 units between April and September, according to the Society of Indian Automobile Manufacturers. The company accounted for 68 percent of all car exports from the country in that period.
The i10 will be equipped with a 1.1-liter gasoline engine, according to the statement.
Vehicle and parts exports from India will soar to $35 billion by 2016 from $4.08 billion this year, the Ministry of Heavy Industries and Public Enterprises predicts in its Draft Automotive Mission Plan, 2006-2016, the document that outlines India's automotive future.
Bloomberg News
(China Daily 11/01/2007 page15)
