Hyundai India, which has been losing its share in passenger cars exports to rivals like Maruti Suzuki and others in the recent quarters, has hit back by announcing its highest-ever order of 10,501 units for Verna cars to middle-eastern markets.
These additional new export orders will be shipped in December this year.
The company, which has lost the crown of top exporter of passenger cars from India to Maruti Suzuki, recently planned to shift its entire production of Verna from South Korea to India, aiming to sell over 1.3 lakh Vernas in the next few years, of which 70% would be made for exports.
Moreover, the car will also be exported to South Africa, other Gulf and Asian countries from the beginning of the next year.
Commenting on this record achievement, Y K Koo, managing director and chief executive officer, Hyundai Motor India Ltd (HMIL), said that it is the largest single export order for Next Gen Verna that it has received since inception and a big jump compared to the earlier generations of Verna and Accent.
HMIL said that the latest order happened after it invited 33 distributors from the Middle-East (including Saudi Arabia, Oman and the UAE) and other Asian countries (like Vietnam, Philippines, Sri Lanka), to the Chennai-based production facility on September 21 this year.
Car manufacturers, including the foreign ones, are betting big on India, which is counted among the fastest-growing automobile markets in the world. In fact, many of the foreign companies use the low-cost benefit that India offers to use the country as their export hub.
For example, Fiat Chrysler has begun manufacturing its Jeep Compass SUV from the plant in Maharashtra. Similarly, Ford Motors, Volkwagen and other foreign vehicle manufacturers, too, have adopted the same strategy in order to push sales volumes.
According to the statistics provided by HMIL, the Next Gen Verna has seen more than 18,600 bookings in two months since its launch in India on August 22 this year.
VERNA DRIVE
- These additional export orders will be shipped in December this year
- Verna cars will also be exported to South Africa, and other Gulf and Asian countries
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