Government today exhorted the country's second largest car maker, Hyundai Motor India, to set up its third manufacturing plant here without hesitation as steps are being taken by the Centre to improve business environment and push manufacturing.

Commerce and Industry Minister Nirmala Sitharaman said it is, however, up to the company to decide on the plant's location.

Maruti Suzuki, the country's largest car maker maintained a double digit sales growth of 10% in the domestic market for May in spite of a production loss of approximately 7,500 units. Nearest rival Hyundai, the second biggest player, also reported a 10% growth.

The company had to stop production at both the plants due to a stoppage in supply of car AC units from Subros.

New Delhi: Hyundai Motor Co. will not need to build new factories in India as local car sales are unlikely to grow faster than 10% annually over the next five years.

“Double digit is not possible. It is not easy. But I am not pessimistic, I am very positive about the market, but it will not be a six million market (by 2021),” Y.K. Koo, managing director and chief executive of Hyundai Motor India Ltd said in an interview on Saturday. “I am expecting the market to grow by 5-7% every year.”

Hyundai Motor India today reported a 5.7% increase in total sales at 54,420 units in April.

The company had sold 51,505 units in the same month last year, HMIL said in a statement.

South Korea's Hyundai Motor posted its ninth straight quarterly profit drop as it trailed rivals in tapping soaring demand for sport utility vehicles (SUV) in China, its biggest market.

Hyundai's strength in smaller, fuel-efficient sedans helped the automaker outperform the industry during the global economic downturn, but has left it reeling from a consumer shift to gas-guzzling sport utility vehicles (SUVs) in recent years, driven by a slump in the price of oil.

India's second largest passenger car maker Hyundai Motors on Wednesday said enough was enough with the competition in small product segment as the quality and branding takes the center stage of the company's growth strategy in the country.

"Many players launch many small products in Rs 3-4 lakh price bracket while our average price is Rs 7 lakh. We can not fight this kind of a competition as we focus more on quality and branding to position ourselves as a modern premium brand in India," Hyundai Motor India Limited (HMIL) managing director and CEO Young Key Koo told reporters.

New Delhi: Hyundai Motor India Ltd on Friday said that its domestic vehicle sales in March went up 4,24% to 41,201 units.

The company’s sales, including exports, grew 3.4% to 51,452 units, Hyundai said in a statement.

Hyundai, the Korean automobile major, says it plans to launch two new products in the Indian market every year, with a minimum investment for each of around $100 million (Rs 650 crore).

It completes 20 years in the country this year and has a 17.1 per cent market share (second only to Maruti Suzuki in cars). Young Key Koo, managing director of Hyundai Motor India, says this is their third biggest market, after China and the US. To strengthen its position, the company is planning to launch two new products every year and the company is expecting to invest around $100 million at the minimum to develop each of these products. The firm also set a target to increase rural sales by five per cent from 15 per cent to 20 per cent.

Hyundai Motor India, the country’s largest auto exporter and the second largest car manufacturer, has said ITA SUV Creta touched 1 lakh bookings, 5 lakh enquiries and 56,000 units delivered.

This was achieved in eight months time since its World Premiere in India on July 23, 2015.

Following introduction of new levies in the Union Budget, car makers like Mahindra & Mahindra and Honda have raised the prices of their cars by up to Rs. 82,906.

The price hike in Hyundai motors effective from March 1 would cost the consumers a hike between Rs. 2,889 and Rs. 82,906 depending on the model.

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