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Rediff.com  » Business » Hyundai's domestic sale to spike, export to slump

Hyundai's domestic sale to spike, export to slump

June 25, 2010 17:02 IST

SantroHyundai Motor India Ltd said on Friday its domestic sales would surge while exports would go down due to sluggish market conditions in the Europe.

"This year domestic sales will increase to 57 per cent from 52 per cent in 2009," said HMIL managing director & CEO H W Park, who was in Kolkata to launch mid-size sedan the new Verna Transform.

Park said in 2010, the company aimed to sell 6 lakh units taking up its marketshare to 20.7 per cent from 20.6 per cent in 2009, adding that the company will be launching its sports utility vehicle, Sante Fe this year imported from Korea.

Meanwhile, a Hyundai official said the company's export to EU will reduce due to sluggish market conditions there. In 2009, Hyundai sold total 5.6 lakh units including exports.

Talking about the small car project timeline, Park said it will take two years from now and the engine capacity will be between 800-1000 cc.

It is expected to compete with Maruti's Alto model.

HMIL said the company will not require further major investments to introduce the small car.

Hyundai has also decided to phase out Getz looking at the growing demand for i20.

"Production has stopped and it (the model) will continue to sell till stocks last," a company spokesperson said.

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