Hyundai ties-up with UBI for car finance

Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter, has signed an Memorandum of Understanding with Union Bank of India (UBI), a premier nationalised bank, to assist customers in financing auto loans. The MoU was signed by A.K. Bansal, Field General Manager, (Delhi), Union Bank of India and Arvind Saxena, Sr. Vice President, Marketing & Sales, Hyundai Motor India Ltd. According to the MoU, HMIL will help both the partners to reach out to wider market and make loans convenient and easy to finance. The maximum loan offered by UBI per vehicle is Rs 15 lakh with minimum margin of 15 percent on road price and repayment upto 72 months. Union Bank will process customers requests within two working days after receipt of duly completed application forms with the necessary supporting documents. The automobile company also has strategic tie-ups with Syndicate Bank, Bank of India, Punjab National bank, Canara Bank, Bank of Baroda and Corporation Bank.

Hyundai strike is called off

Strike at Hyundai Motor India's Sriperumbudur plant has come to an end on Friday. The strike was called off after both the sides, workers and Hyundai Motor management, agreed on some points. A Sounderrajan, president of Centre for Indian Trade Unions� Tamil Nadu arm, said the strike is ended. He added that the company assured them not to take any action against workers after they returned to work and will give answers to every demand of workers. And the management agreed that it would not come to any wage revision settlement with the working committee till May 20.
According to Sounderrajan, the chief demand, that the management recognise the employees union, has not been conceded. Commenting on the wage revision, he said the company used to give increments every three years. The previous wage structure ended on March 31 this year, and the new one was to applied on April 1. He denied to comment on the course of action on the wage issue, saying, �We will do something.� The demands include an increase in the minimum wage, which is Rs 8,000, and explanations for dismissing 65 workers and suspending another 34.

Hyundai's Santro another stylish variant by year end

Hyundai Motor India Ltd (HMIL) is planning to introduce another variant of the Santro by year end. It will be followed by three variants namely petrol, LPG and CNG. A company officials said that the Santro has been a very successful car for the company. Excited by the success of the existing variants Hyundai Motor might refresh the car by the year end. In the refreshing process, other than engine there would be some changes in looking and other major things. Meanwhile, it is expected that, however, some changes will be done but the price will not vary much. The Santro is at present available in three variants namely petrol, LPG and CNG- and is priced between Rs 2, 59,900 and Rs 3, 69,059 (ex-showroom, Delhi).
Hyundai exports the car to Columbia, Mexico, Sudan, South Africa and Algeria. Till April, the company has exported 4, 39,541 units. Since its launch in India in September 1998, Hyundai has sold 9, 84,418 units in the domestic market. The Santro and the i10 comprise about 75 per cent of the 22,000-23,000 units that Hyundai Motor sells each month in the domestic market.

Hyundai i20 production: decision in a month

Hyundai Motor India is thinking over to shift the production of i20 from India to Europe. The company spokesman confirmed that in a months time the decision will be taken. It may be recalled that the previous week, there was a strike in the company's Chennai plant following different workers demand. The production of the car was badly hit. In those days, it was learnt that the company would shift the production of i20 from Chennai to Europe.

The car maker also blamed to the poor port infrastructure to support surging exports and no export incentives from the government. HMIL is pondering over making its plant in Czech Republic as an export hub for the model. The other option is to use the new plant being set up in Russia.

Hyundai to launch new face lifted Santro by year end

Hyundai Motors India Limited is going to roll out a new face lifted model of its Santro by the end of the year. It is expected that the new model will come with only cosmetic changes. However, the details of the new additions are not disclosed yet but the new car will have the same Santro engine. The company had rolled out its Santro model nearly a decade ago and has constantly launched newer versions of its one of the most successful models. Earlier, it had decided to phase out Santro after the launch of Hyundai i10 but now it intends to bring a newer version for Hyundai Motors customers in India. Hyundai has sold, so far, 984, 418 models in the country since its launch in India in September 1998. Hyundai Motors has also launched i20 model in India and has received a tremendous response to its premium hatchback model.

Hyundai to challenge Tata Nano!

Hyundai is preparing to challenge Tata's Nano. UK media reports suggests that the company is mulling to launch ultra low cost car. It is learnt that Hyundai�s Indian engineers are working hard in close association with their Korean partners to produce another compact car.

Uk media reports also claims that this car will be released first in the European Union, and then in India. There are plans to bring out 800cc and 1000cc cars, but the company has not officially confirmed it so far. The company reported to claims that it has the required infrastructure and the facilities to manufacture a compact car in India. Earlier, there was frenzy around the world when the Tata Nano was expected to be launched in 2008. rumours were spread there that an ultra-cheap car could be produced well under $2500. Another announcement for another ultra cheap car came from Bajaj Renault Nissan, which is a competitor to the Tata Nano.

India made Hyundai i20 awarded for safety

Hyundai i20 has been awarded by the European New Car Assessment Programme (NCAP) for safety. The car got the maximum possible score and clinched the five star NCAP rating for safety. The India made car was launched in India in December, 2008.

The i20 five-door model scored exceptionally well on all four parameters of the NCAP safety test which assess newly launched cars on four main criteria of safety � adult occupancy, child protection, pedestrian protection and safety assist. The Hyundai i20 has an extensive list of active and passive safety equipment, including six airbags as standard, active head-restraints, front seatbelt pre-tensioners, anti-lock braking system (ABS), Electronic Stability Control, and Electronic Brakeforce Distribution (EBD). The i20 is manufactured at HMIL�s state-of-the-art manufacturing facility in Sreeperumbedur in Chennai. The Hyundai i20 is only manufactured in India and exported to the European Union and other countries from India and also sold in the domestic market.