Indian car market is expanding fast. By 2010, the size of the market is going to be around 2 million units. Thus, it is a very attractive market for the auto companies. Among the foreign companies, Japan’s Suzuki Motors Corporation is the key player in this market. Korean Hyundai Motor is now aiming to topple Suzuki in India as the market leader. I am quoting from a report of Korea Times:
“Hyundai Motor plans to invest about $500 million in India by 2008 to overtake Japan’s Suzuki, the No.1 foreign carmaker in the country.
Hyundai Motor officials say the annual output from its two factories _ the second one is under construction _ in India will grow to 400,000 units. The cars will be sold in India or exported to other countries.
The overseas plant’s combined vehicle sales were 252,851 in 2005, up 17.3 percent from a year earlier, in terms of consumers’ registration.”
Hyundai is taking the right step in the right time. Now is the best time to invest in Indian auto market and the company is doing it aggressively. Other companies can learn from Hyundai.
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