NEW DELHI, Feb 19:
Hyundai Motor India aims to establish itself as a manufacturing hub for exports targeting emerging markets such as Africa and neighboring countries, as stated by a high-ranking company official.
Facing challenges with shipments to areas like the Middle East due to geopolitical issues including the Red Sea crisis, the company is looking to diversify its export markets.
“We are positioning the company as a production hub for emerging markets. We are manufacturing and exporting our cost-efficient vehicles to these regions,” Hyundai Motor India MD Unsoo Kim shared with PTI.
He highlighted that the automaker has a well-balanced distribution of domestic and export volumes, which not only ensures profitability but also provides a natural hedge against market fluctuations.
“We have an ideal product lineup for the emerging markets,” Kim mentioned.
Hyundai has experienced growth across various regions, including Africa, Mexico, and Latin America, he added.
“However, the Middle East has encountered challenges due to the Red Sea situation. We are closely monitoring this issue and will aim to reduce risks by concentrating on other regions,” Kim explained.
The company is also focused on increasing exports to neighboring countries such as Nepal, Bangladesh, Bhutan, and Sri Lanka.
“Looking ahead, we anticipate stability in our export volumes, and with our connection to the export ecosystem of HMC, we will keep exploring opportunities in other emerging markets and deliver innovative products,” Kim noted.
In the October-December quarter of this fiscal year, Hyundai exported 40,386 vehicles, compared to 43,650 vehicles during the same quarter last year.
In CY 2024, the largest export markets for the company by volume included Saudi Arabia, South Africa, Mexico, Chile, and Peru.
Hyundai’s total vehicle exports for CY 2024 reached 1,58,686 units.
This month marks the completion of 25 years of exports from India for the automaker.
Since starting its exports in 1999, Hyundai Motor India has dispatched over 3.7 million passenger vehicles to date.
Over the past quarter-century, it has exported passenger vehicles to more than 150 countries worldwide, currently reaching over 60 nations.
“With the goal of becoming the largest export hub for Hyundai outside South Korea, we strive to maintain our growth momentum in the years ahead,” Kim affirmed. (PTI)
