Hyundai Motor India commissions its second Indian plant
02 February 2008
Chennai: Hyundai Motor India Limited, the Indian affiliate of the Korean small car manufacturer, Hyundai Motors, has commissioned its second plant near Chennai on Saturday. Inaugurating the plant, the Tamil Nadu chief minister Dr M Karunanidhi congratulated the company on its remarkable growth.
''Our new plant will be the platform for future growth.,'' said Hyundai Motor Company chairman and chief executive officer Mong-Koo Chung at the inauguration. " Hyundai Motor India will play its role perfectly as a global manufacturing hub for all of Hyundai's small car models.''
The 3-lakh unit per annum plant built at a cost of $528 million, takes Hyundai Motor Indias total investment in India to $1 billion and will double it's installed capacity in the country to 6 lakh units per annum and will also serve as an export hub for the small car giant.
The new plant will be dedicated largely to the production of Hyundai's latest offering - the i10, which will be shipped out for other markets as well. (See: Hyundai adds style to the "A" segment with the i10Z)
Fifty per cent of the production will be exported. And 40 per cent of the production will be of i10 model.The company says it hopes to increase its export destinations from 73 to 90 countries by the end of 2008.
Hyundai Motor India has targeted a production to 5.3 lakh units in 2008.
To support the domestic growth, the company has already strengthened its dealer network from 183 to 230 in 2007; by the end of 2008, it expects to expand this to a 300-strong network.
According to R C Panda, secretary, ministry for heavy industries and public enterprises, the National Automotive Testing Research and Development Centre at Oragadam near Chennai will be completed within one year.