Hyundai expects its exports to slump in 2010

Hyundai expects its exports to slump in 2010Hyundai Motor India Ltd (HMIL), country's second largest automaker in the country has recently announced that the company expects its exports to go down in the current calendar year due to sluggish market conditions in the Europe.

HMIL managing director & CEO H W Park said that the company is expecting its domestic sales to grow to 57 per cent from 52 per cent in 2009.

However, a source in the company also mentioned the fact that the auto major is looking at a fall in its exports figures in 2010 due to the fact that the export to EU will reduce due to sluggish market conditions there.

It is to be mentioned here that Hyundai sold total 5.6 lakh units including exports. The company is also looking at exploring other markets to export its models.

The company also shifted a part of its exports to the Turkey unit for the i20 as it was unable to meet the robust domestic demand.

In fact, the company is running with a target of selling six lakh units in the Indian market this year, taking its market share to 20.7 per cent from 20.6 per cent in 2009.