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Hyundai profits double while Ford and Honda cope with losses
Indian Auto market did wonders in 2010, the year so far has been extremely successful for various automobile manufacturing. Ford India registered a growth of 34 per cent in sales which was more than the previous year, Honda Seil cars reported 18 per cent growth in car sales and Hyundai Motor India recorded 22 per cent growth respectively. Toyota Kirloskar Motor India, recorded a profit of Rs 309 crore by selling 63,824 cars. Despite Ford India's good sales figure, the company could not cover up the losses it incurred. Ford India had higher loss in 2009-10 despite its sales figure of 2010 were quite good. As per the yearly reports of Ford India, the company registered a total loss of Rs 1,096 crore. On the other hand, Ford India raised its production capacity to two lacs over one lacs. The company also started a new plant engine which has a capacity of 2.5 lacs in one year, which assembles engine since January 2010. Ford India, launched its first small car Fors Figo on Indian terrain which proved to be a successful move for the company. The hatchback car was launched in March 2010 and by October more than 50,000 cars were already sold. In 2009-10, Ford India started exporting the built up models of Ford Fiesta in South Africa and Ford Ikon was exported in South Africa and Mexico in components which were assembled there. For Figo is also being exported by Ford India to Nepal and South Africa and also with the expansion plans Ford Figo will be exported in Mexico, West Asia, Northern Africa and South America. Honda Seil Cars overcame its losses as per the yearly reports which state that, 2010-11 fiscal year is crucial for the company and the future growth of the car makers depends on its strategies for future development. Honda Seil Motors India, in order to capture the small car segment market, is coming with an all new small car. The new car was unveiled in Delhi at the Auto Expo in January this year. As per the company officials, the car will be launched next year. The annual reports also say that, royalty to Honda Motor Company paid by Honda India was Rs 160 crore as the former owns a major stake of Honda Seil Motor India, and also paid donations of Rs 1.05 crore. Hyundai Motors are rejoicing as it doubled its profit margins. As per Hyundai Motor India's yearly reports, the company announced the dividend of Rs 122 crore which was same in the last year. The company royalty was Rs 465 crore. It is a fully owned subsidiary of Korean car marker Hyundai Motors. In 2009-10, it paid its debt of Rs 1,991 crore which was taken from different banks and other financial institutions for short term capital needs.
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