Hyundai increases i20 production

India's second largest car manufacturer, Hyundai Motor India Ltd, increases the production Hyundai i20 that was recently launched in hatchback segment in India. Hyundai is expected to sell 2,000 units of Hyundai i20 on an average on a monthly basis.

To meet out the demand company has recalled its performance-driven workforce which was withdrawn the last month owing to the global economic meltdown. This will ascertain delivery of 2,500 units ordered last month completely. Of this, the company delivered 1,700 and the rest will be hopefully handed over to customers this month.

The working has already begun and since last few days extra one or two hour working has enabled production of some more cars. The pattern will continue until the backlog is covered up.

Hyundai Motors, Senior Vice-President, Mr. Arvind Saxena stated in a media interaction that the company has a tie up with Syndicate Bank to finance its cars.

Hyundai on Monday entered into an agreement with Syndicate Bank under which the latter will offer a 0.5 percentage point lower interest rate and a 50% concession on processing fees. Mr. Saxena said that since interest rates were falling, showroom enquiries had increased. He, however, said that sales were expected to remain slightly negative or flat in the present quarter.

The Syndicate Bank Chairman and Managing Director, Mr George Joseph, said the two partners will leverage each others extensive network and cross sell Hyundai's vehicles and the banks car loan schemes. The bank will also finance second-hand cars, the demand for which is growing.

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