Hyundai Motor India, country?s largest car exporter has to put up to 25% of its exports on hold because of the global economic slowdown, according to an agency report.
The report also said, the company, which planned to enter the US market with its hatchback i10, also shelved the plan owing to to homologation issues, even as it explores new markets like Australia and New Zealand.
HS Lheem, managing director, Hyundai Motor India Ltd, told the agency that countries like South Africa, Colombia and Iceland had asked HMIL to put shipments on hold.
Clarifying, Rajiv Mitra, head, corporate communication, HMIL, told FE, ?Some countries have postponed their shipment till a later date. However, these three countries are very small markets for us to contribute 25% of our exports.?
?We may feel the impact next year, but until now we have not had any cancellation of orders?, said Mitra.
Exports comprise 50% of Hyundai?s total production in the country. Mitra said Hyundai?s exports are on target for this year. ?Export orders are booked two months in advance, so we are on target till December?, he said.
Lheem said the company is now exploring new markets in the Asia-Pacific region to meet its export targets. ?We are now looking at countries like Australia, New Zealand and the Philippines?, he said.