New Delhi: Country’s second largest carmaker Hyundai India said on Monday that it is targeting a growth of around 8 per cent in 2014-15. However, the company has stopped exports from its Chennai plant to Europe after shifting production of models for the continent to company’s plants in Turkey and Czech Republic.
“This year we will be targeting volume of 4.10 lakh units from 3.80 units last year,” said Hyundai Motor India, senior vice-president (sales and marketing) Rakesh Srivastava after the launch of second generation of its premium small car, Elite i20.
He said that compared to the industry the growth is high.
“Because when I take it last year, our market share was 20.7 percent which was the highest. Currently from Jan — July our market share is 23 percent in passenger cars which has a growth of around 2.3 per cent. So when compare ourselves with industry we are growing well. We had almost 13 percent growth from Jan to July,” said Mr Srivastava.
He denied shifting of exports to Europe from Chennai factory to Turkey meant that company was scaling down its investments in the country.
“For us we needed to create capacity for our new brands and as part of the strategy we shifted the i10 and i20 to Turkey plant that gives us an opportunity to crate immediate capacity. Please understand other wise to create capacity and put up a plant you require 14 to 18 months,” Mr Srivastava added.
