Hyundai focuses domestic market, plans to cut exports by 9%

In order to stress more on the domestic market, Hyundai Motors India Ltd (HMIL) has decided to cut its exports by 9 percent. Hyundai has recently launched Hyundai Verna Fluidic on May 11 and is getting tremendous response with 5000 plus booking in the less than a week. As per an estimate, Hyundai is selling around 3.5 lakh cars in the domestic market in the country and it exported 2.4 lakh units last year. As per sources, the company plans to cut the exports and bring it down to 2.2 lakh units in the 2010-11.

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It is believed that Hyundai has high hopes with its new launch Hyundai Verna Fluidic sedan and it targets the mid-sized sedan market in India. Down the road, Hyundai also plans to step up its mid-sized sedan market share from existing 17 percent to 25 percent in a year’s time. As per insiders report, within a year Hyundai plans to sell around 45,000 units of Fluidic which is available in petrol and diesel versions and is priced between Rs6.99 lakh to Rs10.7 lakh.

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Experts believe that besides eyeing a lucrative domestic market, the car company also wishes to cater to the existing domestic demand and will then only think of boosting the exports. Meanwhile, reports have also come in that Hyundai is experiencing lack of demand in Europe. Moreover, the company is desperately thinking of cutting export of Hyundai i20 hatchback from India and would shift its base and instead export it from Turkey.

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It would not be an exaggeration to say that after Maruti, Hyundai is the most preferred car in India and especially Hyundai Santro, Hyundai i20, Hyundai Accent are among the best selling cars in India. In order to maintain 20 percent of the overall market share in India, the company would be launching nine new models in various segments by 2015.

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