Hyundai will produce the i20 in Europe

Posted on Friday, 28 August 2009 , 11:08:33 byEmil

Filed under i20koreaindiasouth-koreaeuropehyundaiHyundai

Hyundai will produce the i20 in Europe

Hyundai plans on moving a piece of i20 production in the Europe space, to get some tax benefits, bringing the vehicle closer to its biggest markets. The managing director responsible now for the i20 production confirmed the Reuters report stating that all these European plans they made, will make about 70,000 models every year.

Hyundai now makes about 200,000 i20's on the Indian territory but the firm expects growing sales numbers to 580,000 this year.

Rajiv Mitra, HMIL spokesperson, affirmed in May 2009 when the 1st reports suggested to a shift of to Europe began surfacing: 'The labor unrest and the hefty monetary demands raised by a section of workers are really frustrating us. It made the company to get global attention. We never expected such a development when Hyundai has completely changed the industrial landscape of Sriperumbudur belt in the past 12 years'.

Hyundai i20 - best selling unit we can say, made by the carmaker from South Korean, especially in those states having scrapping incentives encouraging people to buy fuel efficient and small-displacement cars. 'We got to the stage where we were losing money on every i10 and i20 sold. These cars could be sold at a profit in France or Germany, so we had to increase the price or risk losing future stock' a source from said a few weeks ago, at that time the 1st positive signs surfaced, involving the scrapping scheme in UK, boosting the sales of the firm.