Hyundai India To Cut Exports

Hyundai India will produce 70,000 more cars this year to meet the growing demand in country. The company has increased capacity at its Chennai facility to accommodate the rising demand. Currently, Hyundai produces six lakh units per annum and will make minor investments to raise the production capacity. The Korean firm is also seeking to reduce its exports by close to 8% as global car sales are on a decline. From 2.71 lakh units exported last year to 110 countries across Africa, Europe and Latin America, the company will only export 2.5 lakh units this year.