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Rs 1 lakh car not possible
"Considering the safety issues and norms and input costs from our point, making a Rs one lakh car is impossible," Hyundai Motor India Managing (HMIL) Director and CEO HS Lheem said.
Asked if HMIL was considering an entry-level match to tap the potential of low-cost car market in India and if it had the technology for it, he said the company was well equipped."We have the technology for small car already there is an 800 cc engine in Korea. We can develop technology for a 650 cc engine," Lheem said, however, adding HMIL was not in a hurry to enter the segment."There are no immediate plans to enter into the 800cc or 650 cc segment. This time around, we will give it a go by but in future, we may look at it," Lheem said.
On when Indian customers could have such a car from Hyundai, Lheem said: "Probably in five years' time".On what could be a feasible price range for the company to be a serious competitor in the small car market, he said: "$3000 (nearly Rs 120,000) could be a minimum range."