Bangalore: Hyundai Motor India, the Indian subsidiary of the Korean auto giant Hyundai, aims to increase nine-fold its exports to touch 70,000 cars by 2005.

Hyundai, which exported nearly 8,000 vehicles in 2002-03, has targeted shipment of 30,000 cars during the current fiscal, Hyundai India President B V R Subbu said.

Speaking to reporters on May 26, at the launch of Hyundai Santro Xing, its new car, Subbu said the company aimed at touching an export figure of 70,000 cars by 2005.

He said the company exported cars to Latin America, North Africa, South East Asia, North America and Europe.

Subbu said Hyundai, which has so far invested $ 750 million at its plant near Chennai, may invest an additional Rs 850 crore to expand its capacity to reach annual production of 2.25 lakh units over the next 18 months.

The Korean auto giant had sold over 1,13,000 vehicles during 2002-03 and aimed at a sales of 1.5 lakh cars during the current fiscal.

He said the company grew by 17 per cent, above the industry average, during the last fiscal.

PTI