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World Business News |
Chennai News
Hyundai Motor said Sunday it will invest
about $500 million in India by 2008 to overtake Japan’s
Suzuki, the No.1 foreign carmaker in the country.
Hyundai Motor officials said the annual output from its two
factories in India will grow to 400,000 units. The cars will
be sold in India or exported to other countries, the
officials said.
India is one of the fast-growing auto markets in the world.
Indian people purchased a total of 800,000 units last year,
up 25 percent from the year before.
Hyundai Motor sold 215,630 cars in India, up 43 percent from
2003. It aims to sell about 250,000 units this year.
In February, Hyundai Motor chairman Chung Mong-koo unveiled a
plan to build a second manufacturing plant in India by 2007
in response to growing demand for automobiles in the country.
Chung said Hyundai would harness India as one of the key
bases for its global production.
Hyundai has a plant in Chennai in the Tamil Nadu Province,
which has an annual production capacity of 250,000 units.
Hyundai officials said most of the cars produced in the two
plants in India would be shipped to Europe, Latin America and
the Middle East. Hyundai has auto plants in China and Turkey,
with one in the United States set to begin operations in May.
Hyundai said its production in overseas plants would grow to
1.45 million in 2009 and 1.62 million in 2010.
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