Chennai, July 27 (IANS) Car maker Hyundai Motor India Ltd will be shipping out completely knocked down (CKD) units to some markets instead of fully-built cars and in the process increase its production by 37,000 units in 2019, said a top company official.
Speaking to reporters at the company’s plant near here, Managing Director K.M. Koo said the company is exporting CKD units to Philippines, Vietnam and some other countries as the tax rate on completely built units (CBU) is higher.
According to him, exporting CKD units has enabled the company’s plant near here to increase its output to 750,000 units in 2019 from 713,000 units.
Since 2018, Hyundai Motor India shipped out about 20,000 CKDs to Philippines. The company expects the CKD shipments to increase as many other countries are hiking their import duties on CBUs.
Koo said the company will be launching an electric powered sports utility vehicle (SUV) in 2019 after importing as CKD units.
He said the company is looking for partners to make the electric vehicle models.
He also added that the company would be launching eight models between 2018 and 2020.
For the first half of 2018, Hyundai Motor has logged 8.6 per cent sales growth.