Hyundai Motor India ships out the new Getz, 40,000 Getz units to be exported to the European market in 2007

Chennai, March 26, 2007: Hyundai Motor India Ltd. (HMIL), India's fastest growing auto manufacturer and largest exporter of passenger cars from India achieved yet another milestone in its momentous journey in India with the export of the first Getz today. The new Getz, the third Hyundai car after Santro (Atoz Prime) and Accent to be exported from the country and will be exported mainly to the European markets.

Speaking on the occasion, Hyundai Motor India Limited Managing Director Mr H S Lheem said: "Given Hyundai Motor Company’s global strategy to make India an export hub for small cars, we are today shipping out the first consignment for export of the new Getz to Europe. Since it was introduced in 2002, the Getz has sold more than 500,000 units in Europe, accounting for close to 70 per cent of its total sales worldwide. Selling a total of 7.6 lakh units globally over the last five years, the Getz has also been very successful in almost all the overseas market. And for Indian operations this is a major milestone as from now on the new Getz will be added to the ever growing list of exported models from India"

Hyundai Motor India started its exports in 1999 with the first shipment of twenty Santros to neighbouring Nepal. Since then it has become the second largest automaker in India and the largest exporter of passenger cars from India and today it exports to around 67 countries as diverse as Europe, Latin America, Africa and Middle East. Last year HMI exported around 113,000 units and by end of 2008 it plans an estimated 300,000 units.

The Santro and the Accent are the most popular models to be exported from here. Santro is majorly exported to Europe, Africa, Middle East & Latin America. The Accent too is very popular and is currently being sold in domestic and overseas market. The Accent is shipped to countries like Morocco, Algeria, Sri Lanka, etc.

The new Getz is the latest entrant to this list and with the first shipment today it is estimated that around 40,000 units of the new Getz will be shipped out in the current fiscal. HMI expects to increase the export of the ‘Made in India’ Getz to one lakh units by 2008. The new Getz meets all the European safety and emission standards. And also, HMI targets to sell 80,000 units of Santro and 15,000 units of Accent by end of this year.

Source : Equity Bulls

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