New Hyundai Verna global production shifts from Korea to India
The South-Korean automaker Hyundai is planning to move the commercial production of the 2017 Hyundai Verna from its home base to India. From now on, Hyundai India will feed the market demand of the Verna globally through their manufacturing plant near Chennai in Tamil Nadu.
The new Hyundai Verna is going to be more than just a car for India if the reports of production of the car to be shifted to India becomes true. It will certainly help in the economic growth for India and will certainly boost the ‘Make in India’ initiative. Hyundai India is planning to produce about 1.3 lakh units of Verna annually and 60% to 70% of which is expected to be exported to other countries. HMIL (Hyundai Motor India Limited) is among the major contributors to the overall global production of Hyundai. It had contributed 12% of the overall production for the global market in the year 2015, which had increased to 13% in 2016. With this hike, India has become the second most contributor to the overall profit of the International company, leaving behind Brazil and US
Hyundai India will export the facelifted Hyundai Verna to Latin America, Africa, Middle East and several Asian countries.
The increase in the foreign exports will help the company to utilise the Indian plant to meet the total demand. In June HMIL contributed 14.2% of the total company’s production, which is the major reason behind the company’s move to shift production to India. The company is also planning to utilise the lower cost of manufacturing the product in India and the combined profit scale will be more with both exports and imports. HMIL is planning to produce about 50,000 units for the Indian market and initially will export around 60,000 units, which will increase to 80,000 units.
The facelifted Hyundai Verna has been launched earlier on 22nd August 2017 in India with a starting price of Rs.7.99 lakh (ex-showroom, Delhi) for the base variants. The next-gen model has already bagged 7,000 bookings in India.