Hyundai Motor India is looking to position itself as a manufacturing hub for exports for emerging markets like Africa and neighbouring nations, according to a top company executive. The company, which is looking to diversify its export markets as it continues to face challenges regarding shipments to regions like the Middle East due to the Red Sea and other geopolitical issues.
“We are positioning the company as a production hub for emerging markets. We are manufacturing and exporting our cost-optimised vehicle to the emerging markets,” Hyundai Motor India MD Unsoo Kim said.
He noted that the automaker has a balanced mix of domestic and export volume, which gives it not only good profit but also a natural hedge against any market fluctuation.
“We have a very suitable product line up for emerging markets,” Kim said.
Hyundai witnessed growth in almost all regions like Africa, Mexico and Latin America, he said.
“However, the Middle East continued to face headwinds due to the Red Sea crisis. We will be closely monitoring the situation and will also plan to mitigate the risk by focusing on other regions,” Kim said.
The company also looks to enhance its exports to neighbouring countries like Nepal, Bangladesh, Bhutan and Sri Lanka.
“Going forward, we expect stability in our export volumes and with our access to the export ecosystem of HMC, we will continue to explore opportunities in other emerging markets and deliver exciting products,” Kim said.
In the October-December quarter this fiscal, Hyundai exported 40,386 vehicles, as compared to 43,650 vehicles in the same quarter last year.
In CY 2024, Saudi Arabia, South Africa, Mexico, Chile and Peru emerged as the largest export markets for the company by volume.
Hyundai exported a total of 1,58,686 vehicles in CY 2024.
This month, the automaker completed 25 years of exports from India.
Commencing exports in 1999, Hyundai Motor India has exported over 3.7 million passenger vehicles till date.
Over the last 25 years, it has exported passenger vehicles to over 150 nations across the globe, and currently exports to over 60 countries.
“Aiming to become the largest export hub for Hyundai outside South Korea, we aspire to continue our growth trajectory in the coming years,” Kim stated.