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| April 2 |
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Hyundai Motor Co.'s India, China and Turkey Plants Set Production Records in March |
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(Seoul, Korea) Record March production levels were set at all three of Hyundai Motor Co.'s overseas manufacturing subsidiaries. Hyundai Motor India's plant in Chennai saw its output grow to 19,197 units besting January's record-setting output. For Beijing Hyundai Motor Co., March was the fifteenth consecutive month of increases as sales reached 8,703 units, up 30 percent over Feb. And in Turkey, Hyundai Asan Otomotive Sanayi posted sales of 7,326 units, up month-on-month by 72 percent.
"These results demonstrate that our strategy of tailoring our products to meet local requirements is paying off and what's more important, that the Hyundai brand is gaining mainstream acceptance," said Kim Dong-Jin, president and CEO of Hyundai Motor Co. The company's overseas assembly plants will play a pivotal role in helping realize its goal of joining the ranks of the world's top five automakers by 2010.
Since its start-up Sept. 1998, Hyundai's Chennai plant has been posting impressive gains as HMI vaulted into the number two sales spot in India. A fully-owned subsidiary of HMC, HMI is becoming a strategically important base for small car manufacturing. Of the 51,482 units sold in the first quarter of this year, 13,738 units (primarily Santro) were exported to markets in the neighboring region as well as Europe and Mexico. As a result of booming Indian sales and export demand, HMI is expanding production capacity to 250,000 per annum and is raising its 2004 sales goal from 190,000 to 215,000 units. To give its Indian customers even greater choice, HMI's product lineup is being expanded to include the Elantra starting this month and Getz in July.
Beijing Hyundai Motor Co.'s growth momentum shows no signs of abating. In December, the company added the Elantra to the lineup and just three months after its introduction, the new model nudged past the Sonata in monthly sales. Beijing Hyundai's first quarter sales for this year have reached 21,910 units, up 203 percent over the same quarter last year. Given the bright prospects for the Chinese economy, Beijing Hyundai will increase its production capacity from the current 150,000 units per annum to 300,000 units by 2006 and to 600,000 by 2008.
In Turkey, Hyundai Asan Otomotive Sanayi passed Toyota and Honda to achieve a seventh place overall sales ranking. It is now setting its sights on overtaking VW and Peugeot and clinching the number five sales spot. Established in 1997, Hyundai Asan Otomotive endured some setbacks in the aftermath of the devastating 1999 that shook the Turkish economy. In 2002, the company sold 14,500 units and 39,300 units in 2003. This year's target has been set at 61,000 units as the company steps up exports to Europe and the neighboring region.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundai-motor.com |
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