Hyundai Motor India’s stock down 7 pc from issue price, company sales flat in Oct
The country's largest IPO, Hyundai Motor India, has disappointed investors to date.
Hyundai Motor India Ltd (HMIL) on Saturday said it has exported over 5,000 units till now, this month.
In line with Prime Minister Narendra Modi’s vision of ‘Self-reliant’ India and to support the state government in reviving the economy, Hyundai resumed operations at its Chennai-based plant on May 8.
The company has reinforced its commitment to support the government’s ‘Make in India’ vision with more than 5,000 export units for May, the automaker said in a statement.
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“We began our export operations in India in 1999 with an objective to propagate ‘Make in India – Made for the World’. In line with our global strategy, we have now exported more than three million vehicles to 88 countries which reaffirm our commitment to the country,” SS Kim, Managing Director and Chief Executive Offocer, CEO, HMIL said.
These 88 countries include 33 countries in Latin America, 28 in Africa, 26 in Asia Pacific and one in Europe.
“We have once again made a humble beginning towards normalcy by exporting more than 5,000 units in May. This is a testimony of Hyundai’s resilient efforts towards localisation and to accentuate economic recovery,” he added.
In last calendar year, the company exported 1,81,200 units with 792 customised variants according to country-specific preference and demand.
“With a market share of 26 per cent in 2019 to the total exports of passenger cars from India, the company has made a significant contributor to the Indian automobile industry,” HMIL said.
The company currently exports 10 models, including Venue and Creta, from the country.
Presently, the company is exporting 10 models including Atos (Santro), Grand i10, Elite i20, Venue, Xcent and the all new Creta.
“This is a testimony of Hyundai’s resilient efforts towards localisation and to accentuate economic recovery. Drawing strength from Hyundai’s vision of ‘Progress for Humanity’ we will continue to offer all-round premium experience to our customers through our quality products, both in India and global markets,” Kim added.
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