Hyundai will export electric vehicles from India; aims for 190,000 units in exports in 2020
Chennai: Hyundai Motor India, which launched its 3 million export vehicle on Thursday, will turn India into an export center for electric vehicles and parts once local supplies take off. The company, which experienced an increase of more than 13% in exports in the 2019 calendar, is developing a new UV market for India that will have a high local content, said SS Kim, MD and CEO of Hyundai Motor India . The HMI plant in Chennai is the only other Hyundai export center apart from Korea and is responsible for 100 markets, he said. Any electric vehicle that is competitive in India is a candidate for export, he said. HMI will follow the same long-term strategy with electric vehicles as with gasoline or diesel. We are developing a massive market of electric UV rays for India and will aggressively locate its parts, Kim said. It is still an early stage, but once location production and acquisition are in place, we will export to other countries. We will export both vehicles and components/parts as well as vehicles with internal combustion engines. Hyundai exported 1.81,200 units in 2019, the highest in 5 years and has a 26% share of all passenger vehicle exports. Total exports of passenger vehicles from India increased in CY2019 to 7.06,000 units of 7 lakh units in CY2018. Hyundai aims for up to 1,90,000 units in the 2020 calendar.
HMI exports fell in 2016 and 2017 due to civil war, political and financial turmoil in several Latin American and African markets.
Things are stable now and there is a growing demand from markets such as Saudi Arabia, South Africa and Mexico and the growing preference is for medium-sized vehicles and SUVs rather than small cars, Kim said. And although its stock of BS4 for India is under control, it will continue to manufacture BS4 vehicles for export markets. Many export markets have regulations that are less strict than India. South Africa currently has Euro 3 regulations.