Hyundai signed MOU with Corporation Bank

Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter in India, signed MOU with Corporation Bank for financing the purchase of the cars manufactured by HMIL. The bank’s general manager M P Kunju and HMIL senior vice president (Marketing and Sales) Arvind Saxena signed the MOU. Under the MOU, Corporation Bank, a major public sector bank today, will be financing prospective constituents to acquire Hyundai cars at a rate of interest of 10.25% for 3 years and concessional processing charges (Rs. 1,000/- flat). The bank will be financing these cars under its ‘Corp Mobi’ scheme that offers attractive interest rates. All branches of the bank from across the country will be covered under this tie-up arrangement. HMIL also achieved yet another key milestone in its decade old journey in India by clocking the fastest three lakh i10 sales since its launch on 31st October, 2007.

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Hyundai domestic sales down, exports rise

The domestic sales of Hyundai, India’s second largest carmaker, down but exports. It registered domestic passenger car sales at 24, 754 units during March compared with 29, 401 units in the corresponding month of 2008. The figure shows 15.81 per cent sales fall. The company’s exports rose by 21.63 per cent to 21,406 units as against 17,600 units during the same period of the previous year. The company's cumulative sales (including exports) during March were down by 1.79 per cent at 46,160 units as compared to 47,001 units in the same month a year ago. Hyundai. sold 41,802 units of hatchbacks Santro, Getz, i10 and i20, 4,285 units of Accent and Verna.

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Santro to take place of Mumbai’s taxis

Hyundai’s compact car Santro will take place of Mumbai’s taxis. Now passengers will enjoy Santro with lots of interior space. The state government decided to phase out about 7,500 ageing cabs. Hyundai shipped 30 Santro cars to the Mumbai taxi union. The number will be increased to 1,250 by the year-end. According to transport department order, taxis that are over 25 years old will have to be phased out, which immediately takes out 7,500 cabs.

Hyundai is offering the Santro cab at a discounted price of Rs.242, 500 for the non-air conditioned variant, while the same model costs over Rs.270, 000 ex-showroom in Mumbai. The company said the Santro cab would feature the black-and-yellow colour scheme required for taxis. The company said the Santro cab would feature the black-and-yellow colour scheme required for taxis.

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HMI India’s largest car exporter, India record 57% growth

Hyundai Motor India registered car export growth of 63% at 2.35,345 units compared with 1,44,440 units in the year-ago period. It is the highest growth in the car industry. According to the figures released by the Society of Indian Automobile Manufacturers (SIAM), carmakers in India have been able to expand their overseas presence with exports from the country recorded whopping 57.04 per cent growth in the last fiscal.

passenger car exports from India touched 3,31,539 units in FY09 as against 2,11,112 units in the previous financial year. Domestic market leader Maruti Suzuki India was a distant second, registering 32.58 per cent growth in overseas sales at 68,834 units in 2008-09 as against 51,916 units in the previous fiscal. Overall vehicle exports from India grew by 23.60 per cent at 15,30,660 units in the last financial year, while the same stood at 12,38,333 unit s in the previous fiscal, SIAM said.

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Hyundai missed sales target by 23%

Hyundai Motor India Ltd (HMIL) missed its sales target for 2008-09 by over 23 per cent due to global slowdown. It managed to sell only 2.44 lakh units till the end of March, 2009 compared to the set target of 3.18 lakh units. Moreover, recession forced the company to reduce the target figure to 2.75 lakh cars but that was also out of range of sales. This time there was a miss of 11.2 per cent.

Arvind Saxena, senior vice president (marketing and sales), HMIL, clarify that there were some sign of recovery in the market but a complete revival was needed. However, enquiries were good enough but the conversion rate was low. He told that in these situations it is hard to convince a customer to buy a new car.

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