Hyundai Expects Production to Normalize Soon After Supplier Fire
Hyundai Motor India (NSE:HYUNDAI, BOM:544274) said production at its Chennai Plant 1 is expected to regain pace by June 15, with all operations projected to return to normal by June 22, according to a Wednesday filing on Indian exchanges.The facility was impacted by a fire at supplier Mobis India's plant.The company said operations at its Pune plant and Chennai Plant 2 remain largely unaffected. The disruption affected mainly the Chennai Plant 1, it added.Hyundai said it is arranging parts from alternate source locations to restore normal production activities.The automaker expects most of the production loss resulting from the incident to be recovered during the next quarter. The company said it does not anticipate any significant impact on retail sales in June due to sufficient inventory levels in its network.Shares of the company were up nearly 1% in recent trade.