The growing slump in the global automobile market has prompted the country's second largest car maker Hyundai Motor India to reduce its production target by 25,000 units to 2.75 lakh units in this fiscal.
"We have already revised our production target this year following the global credit crisis. The target has been modified to 2.75 lakh units from the present level of over 3 lakh," Hyundai Motor India Director, Sales Group, Y K Koo told reporters after inaugurating a branch of car dealer Kun United Hyundai at Hi-tech City here today.
Koo felt the global financial slowdown to continue for at least one more year.
"It may take at least six months to one year for the global credit situation to get over," he said.
In order to face the financial crunch globally the company is drafting an aggressive marketing strategy besides providing full support to its dealers.
Koo did not divulge much on the proposed market strategy, however, he said the company proposes to enhance the dealer network from the existing 242 to 300 by the calendar year 2008.
On financial front, Koo said that the company is negotiating with some of the financiers to overcome the liquidity crunch.
"Finance is the key for automobile industry. We are talking to financiers on how to provide easy finance," he said.
The Hyundai Director (Sales) said that the company would likely to launch its new models including i20 by December-end or next January.
