Car co joy ride: export to Europe increased

Indian car companies making profit from incentives offered by the government of France, United Kingdom and Germany. These incentives are provided to the fuel efficient vehicles. Hyundai Motor India recorded 33% growth in exports in June to 24,241 cars Maruti to export 2 lakh cars in FY10, up from 70,000 cars the company exported in FY09 Toyota, General Motors and Ford are looking at a possible debut in compact cars segment. “Our parent Suzuki Motor’s distribution network in Europe is clogged with bookings,” Maruti’s executive officer (sales & marketing) Mayank
Pareek said. Maruti aims to export 2 lakh cars in FY 10 from the 70,000 cars it exported in FY ‘09. Eyeing the potential, Toyota Kirloskar Motor, the Indian unit of Japan’s Toyota Motor, has increased investment by an additional Rs 800 crore, taking it to Rs 4,000 crore till 2016 in its small car manufacturing facility near Bangalore. “The Indian subsidiary will play a larger role in global operations. Besides the domestic market, our small car coming next year will also cater to several overseas markets,” said a TKM executive, requesting anonymity.