Volvo India exports 150 trucks to Korea

Swedish auto major Volvo has shipped 150 heavy duty trucks, built at its India plant, to Korea in the last six months.

"We have exported 150 trucks that have been fine-tuned to the requirements of the Korean market," Volvo India managing director Ulf Nordqvist said today.

This is the unit's first major export outside the South Asian region, he added.

The Volvo plant at Hoskote, about 45 km from the city, has a capacity to produce 1,200 vehicles, he said, adding the vehicles have 40% local components while the rest is sourced from Volvo's European plants.

"We are delivering the trucks from India to our customers who will get the same global product at a competitive price," Nordqvist said, adding that the Indian operations competed with Volvo's other units like that in Brazil to ship trucks to Korea.

"We have grown nearly 80% over 2003 when we registered a revenue of Rs 356 crore," he said.

"Volvo exported components valued at euro 26 million in 2004, a 100% jump over exports of euro 13 million in 2003. We have targeted component exports of euro 40 million," Nordqvist said.