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| World Home » Business » | Fri. May 16, 2008 |
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Nano not to hit Hyundai sales MIL/Agencies, Feb 2, 2008. Sriperumbudur, February 2, 2008 - Riding on the success of 'i10', Hyundai Motors India Ltd (HMIL), a wholly-owned subsidiary of South Korea-based Hyundai Motors, on Saturday said the Tata's Rs one lakh car Nano is unlikely to affect its business. ''Nano may not affect our business, as the customers are willing to pay more to buy mini-segment cars,'' company Senior Vice President (Marketing and Sales) Arvind Saxena said after the inauguration of the firm's second plant. Accoring to sify.com, to cater the demand of the domestic as well as the export markets, country's second largest car maker HMIL second plant began operation on Saturday with the company already investing Rs 4,000 crore and an additional production capacity of three lakh units. The plant was inaugurated by Tamil Nadu Chief Minister M Karunanidhi which was attended by Communications and Information Technology Minister A Raja along with several other dignitaries. • Quarterly results of corporates: Check out ''Presently the company is not looking at Nano,'' Saxena said adding that 'if the firm looks at it, it will be from global point of view that the compact low-cost car should meet all the necessary global standards.' He further added that out of more than 25,000 units of i10 which the firm sold since the time of its launch, one third of it were bought by the customers who were purchasing for the first time. ''The customers are inclined towards more space, more comfort in their cars rather than spending less,'' he said.
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