Hyundai postpones their proposed diesel engine plant to later date
The Korean car manufacturer, Hyundai Motors have paused their plans to set up a new diesel engine manufacturing plant in India. This action has been taken by the company due to the harrowing conditions experienced by the auto manufacturers due to the car industry slowdown and the sluggish economic growth. The slow demand for cars in the market has influenced the auto major to postpone the plans to establish a new diesel engine plant.
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Hyundai Motors India Ltd, Managing Director and CEO, Han Voo Park had announced last year in December their plans to invest a sum of Rs 400 crores with a production capacity of rolling out 1.5 lakhs units towards setting up a new plant. The proposed plant is expected to develop the lower capacity diesel powerplants of 1.1 L, 1.4L and 1.6L to fall in lines with the 12-15 cars lined up to be launched by 2015. The lower capacity engines will replace very few engines in the existing cars, while presently they are imported from Hyundai’s South Korean manufacturing plant to power the Hyundai i20 and Hyundai Verna models.
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The car market slowdown has affected the Hyundai India’s October sales drastically with negative growth of 4.95 % to 33,001 from last October with the exports suffering by 12.42% from corresponding time last year. Observing the sales running downhill, the auto major is expecting to garner growth with the launch of newer models in the coming five years. Hyundai Motors is envisaging entering into the segments which are yet unseen. Their plans for the future comprise of launching a car in the segment above Hyundai Verna apart from the revamped versions of Hyundai i20 and Hyundai i10.
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