Hyundai eyeing foreign markets owing to Indian slowdown

Last few months have been very bad for nearly all car makers in India and Hyundai Motors is no exception. Thanks to the whopping fuel price and high interest rates, these car manufacturers are mulling at focusing on export markets now. Hyundai India has declared that due to the slowdown in domestic car sales, the company will give more weightage to their existing export markets.

Arvind Saxena, Director (Marketing) of Hyundai India spoke to media on the sidelines of SIAM annual summit and informed about this latest development by the company. Hyundai India has a presence in 110 countries of Middle East, African, Asia Pacific and European regions and their car sales are in pink in these markets. Hyundai’s export sales increased to 24,025 units in July this year from 21,600 units in July last year. Even in August, the company's exports went up to 24,353 units against 22,032 units.

Saxena assures that their first priority is always the domestic market, but in the last few months it is quite depressing. In the period of July-August company sold a mere 52319 units whereas last year it sold 57412 units in the corresponding period. In 2010, the company had sold 3,56,717 units in the domestic market and 2,47,102 units in the export market. He says that there have been a lot of enquiries about the plunging sales, but those are not converting into purchases.

The second largest car maker in India, Hyundai came to this move of pushing more volumes to counterbalance the loss created by domestic market , after Mahindra & Mahindra’s plan to start operations in South Africa and other parts of world. The company is currently producing Hyundai Accent, Hyundai i10, Hyundai i20, Hyundai Santa Fe, Hyundai Santro Xing, Hyundai Sonata, Hyundai Tucson, Hyundai Verna in Indian market.

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