Hyundai, the second-largest car manufacturer in the country, will stop the production of its A2 compact car, the Getz, by 2011.
Reversing his predecessor's decision to set up a diesel engine facility in Chennai, Hyundai Motor India's new managing director and CEO Han-Woo Park on Wednesday said as of now there was no such plan.
The company's new engine and transmission plant in Chennai, set up at an investment of $250 million, would have a capacity of 2.5 lakh units per annum. Overall, the company has invested $421 million on the Kappa project over a period of 48 months.
International automakers have supported the Hyundai Motor's demand for a two-year notice period before any changes are made by the Indian government with regard to excise or custom duties for the auto sector.
Terming as "impossible" the Rs 1 lakh car that Tatas propose to roll out, particularly on safety aspects, Hyundai on Friday said it would like to bring an entry level car with a minimum price tag of $3000 like the one Renault is planning.
