Hyundai Motors India Limited had been busy exporting cars to Europe in past few months. Governments in Europe has launched scrappage scheme in certain countries including Germany, Britain, Italy, etc. where it offered discounts to customers to buy small car in exchange for their gas-guzzling big cars. The scheme has already come to an end in some countries and will be over in remaining ones by December 2009. Now Hyundai India is finding its sales volumes dwindling.
HMIL is now shifting its focus back to the domestic market to keep up its sales volumes. “We now need to zero in on the domestic market with aggression, so that our overall production does not get ramped down. We are focused on our products, customer services, brand promotions and dealership network to take on the competition. We are also keen to maintain our 21 per cent market share and production will be adjusted accordingly to take advantage of the buoyant demand. We will introduce the right products at the right time and our focus will continue to be that on the compact car segment, which holds more than 75 per cent of the passenger car market in India," said Woo Park, the newly-appointed managing director & CEO of Hyundai Motor India.
Hyundai India intends to close its sales target figures at higher levels showcasing 13-14% more growth than initially projected. It also intends to be the largest contributor to its parent company. According to Woo, Hyundai is still contemplating its options to set up a diesel engine plant in India. A feasibility study is still underway and there are no immediate plans to set up such a facility in India.
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