Indian Automobile segment is soaring on growth line. It's predicted to touch 10 million mark of which Commercial Vehicle sector will contribute highest part in near future.
As per RNCOS research report "Indian Auto Industry Market Overview" Indian Automobile segment is soaring on growth line. It's predicted to touch 10 million mark of which Commercial Vehicle sector will contribute highest part in near future. As per industry experts, sales of Indian Automobile, growing at a CAGR of 9.5 percent, shall reach 13008 million by the end of 2010 from 8.45 million units in 2005.
Motor company Hyundai plans to invest about 500 million US dollar in India by the year-end of 2008 to exceed Japanese carmaker Suzuki that is at number 1 position in the list of overseas car manufacturers in India. As per the company official, this investment shall help to produce 400,000 units in India. These units will be put in the market within the country or sent abroad.
A Hyundai official said that the largest part of cars would be sold to Middle East, Europe, and Latin America. Since the Liberalization in early 1990s, collaboration between the two countries South Korea & India has developed gradually. And, the Motor Company Hyundai has turned to number 2-car producer in the Southwest Asian market. In March, last year, Hyundai rolled out the millionth passenger vehicle in India.
Chairman of Hyundai said that the company plans to build another car manufacturing unit in India by the end of 2007, so that it can fulfill the rising demand for the vehicle in the country. The chairman also added that Hyundai Motor would connect India as one of the major bases for company's global production.
Hyundai Motors has manufacturing units in Chennai with yearly production capability of 250,000 units. Hyundai's Chairman said during a meeting with the employees that India is leading among the BRIC (Brazil, Russia, India and China) countries. So, the company has identified India as the center for worldwide production.
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