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Santro sales surge in March, exports to Korea begin

Hyundai Motors India Limited has missed its September-April Santro sales target of 20,000 units by 11.7 per cent, having managed to sell 17,647 units.

However, the company sold 4,290 units of Santro during March 1999, which is the highest till date in a single month and represents a 98.8 per cent surge over the sales in February this year.

The company had, during the five-month period, produced 18,156 units of Santro.

Launched in September 1998, Hyundai Santro delivery commenced in the last week of October. The company had initiated deliveries after completing the first round of customer order-taking between October 8t and 12 last year.

Meanwhile, the Santro is all set to make its debut in the Korean market this summer. HMIL has already begun exporting Santro body panels and parts to Hyundai Motor Company, Korea, from last month in anticipation of the proposed launch.

The Indian subsidiary proposes to earn $ 10 million in foreign exchange in the first year of its exports of Santro body parts to the parent company. Subsequent export consignments will be driven by the volume of sales achieved by Santro in Korea.

The Santro will be on public display for the first time in Korea at the Seoul motor show to be held from May 10-18.

The company has already exported over $ 300,000 worth of body panels and engines and transmission components to Korea till date.

HMIL, a wholly owned subsidiary of South Korean major Hyundai Motor Company, has been set up with a total investment of $ 614 million. Of this, $ 189 million have been brought in as foreign equity, while $ 100 million have come by way of rupee loan and another $ 400 million through the external commercial borrowing route.

UNI

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