Hyundai reports a decrease in exports to Europe

Hyundai Motors has witnessed a decrease in its exports to the European market, mostly due to the economic downturn in the region, as per a statement given by Mr Arvind Saxena, Hyundai Motors India Limited Senior vice-president Marketing Sales.

The decline in exports is primarily due to the economic turmoil in Europe. The company is trying to cover up its losses from Europe by exporting products to other geographies such as South America and South Africa, said Mr Saxena. The statement was given by him at the launching ceremony of the Hyundai Verna Transform in Andhra Pradesh.

At present, the manufacturing facilities of the company in Chennai manufacture more than 6,50,000 units in the country. While further elaborating the company's total sales in the country,Mr Saxena added that around 52 percent of the company's sales was in the domestic market and the remaining 48 percent was from exports made to the foreign markets. He further said that company's domestic sales will be increased to 57 percent this year.

Hyundai India, which is the second largest car maker in the Indian market following Maruti Suzuki, is aiming to sell 600,000 units of its cars in the calender year 2010 as against 5.6 lakh units sold in same period last year. According to Hyundai Motors India Limited managing director and chief executive H.W. Park, company's market share was 20.6 percent in the year 2009 and it will go up by 0.1 percent this year.

The company will enhance its dealership network to 320 from the existing 290 centers, by the end of the year 2010.