Car News in India

Korean car manufacturer Hyundai Motor Company said on Thursday that its net profit for the year 2009 rose by 104.5 per cent at 29.615 Trillion Won (Rs 1,18,950.16 Crore) from the previous year.

The company, however, said its sales revenues fell 1.0 per cent to 31.859 trillion won (Rs 1,27,970.22 Crore) during last year.

The increase in net profit was helped by brisk sales in Chinese and Indian car markets, which on a unit sales basis posted year-on-year gains of 93.6 per cent and 14.4 per cent, respectively, it added.

The Korean car major's overall sales in 2009 grew 11.7 per cent to 31,06,178 units (domestic plants: 16,11,991 units, overseas 14,94,187 units).

Hyundai's wholly-owned Indian subsidiary Hyundai Motor India had reported total sales of 5,59,880 units against 4,89,343 units in 2008. Its Indian sales stood at 2,89,863 units in 2009 as against 2,45,397 in the year 2008.

Exports from India accounted for 2,70,017 units against 2,43,946 units in 2008, up 10.7 per cent for the entire year.

In China, the company registered an impressive 94 per cent growth in sales by selling 5,70,300 units and became the fourth largest car company in the country, Hyundai said.