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With global demand for smaller cars growing steadily on soaring oil prices and sluggish economies, South Korea's largest automaker has opened its second plant in India.
Hyundai Motor celebrated the completion of the new plant in Chennai in the state of Tamil Nadu on Saturday, with around 1,200 people attending the ceremony, including Hyundai Motor chairman Chung Mong-koo, Hyundai Motor president Choi Jae-kook and Tamil Nadu Chief Minister M. Karunanidhi.
Since opening its first auto plant in India ten years ago, the automaker has doubled its annual production capacity to 600,000. The new plant will help the company strengthen its presence in India, one of the world's fastest-growing automobile markets with an annual growth rate of 15-20 percent, as well as serve as a global manufacturing base for its smaller models.
Hyundai Motor India has held the second largest share of India's automobile market since 1999. In terms of exports, it ranks first.
The new facility will mainly produce the i10, Hyundai's strategic compact model. Of a total planned production of 250,000 units this year, the carmaker hopes to sell 50 percent in India and export the rest.
The i10 was launched last year in India, where the small car segment accounts for over 75 percent of passenger car sales.
(englishnews@chosun.com )
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