Hyundai To Launch Two New Products Per Year In India

  • Aug 24, 2016
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The South Korean automotive giant is gearing up to capture more of the Indian car market and become the undisputed leader.

Hyundai Elantra
Hyundai Motors India Ltd. (HMIL) has fought hard to establish itself as a trustworthy and economical car marque. It is the only company in the country that challenges India's largest car manufacturer, Maruti Suzuki, in terms of sales figures. The South Korean automaker is a strong player in the compact car segment, with the likes of Elite i20 and Creta clocking good numbers.

On Tuesday, August 23, 2016, during the launch of its latest offering, the new-gen Elantra, Hyundai said that it will introduce new products every year to boost volumes and substantiate its image as a modern and premium carmaker in India. 

"We are strong in the compact car category. We have already attained significant market share in the market and with the new Elantra we will also strengthen our presence in the executive sedans' space. In order to achieve market leadership we will introduce two new products every year," Y.K. Koo, managing director, HMIL said.

Hyundai Tucson

During the same event, Koo added that Hyundai will launch the premium SUV Tucson in October or November this year. While the Elantra was launched at an introductory price ranging between Rs 12.99 lakh and Rs 19.19 lakh (ex-showroom, Delhi) to compete with the Skoda Octavia, Toyota Corolla Altis and the Chevrolet Cruze, the Tucson will fill the gap between the compact SUV Creta and the Santa Fe.

Koo further added that he expects the passenger vehicle market in India to grow by 6 per cent to 2.92 million units in this calendar year. The company hopes to close 2016 with domestic sales of 0.5 million units.

To meet customer demand, the company is also ramping up the production so as to reduce the waiting period on its popular models such as the Creta. This is smart move, considering that the festive period is fast approaching and that the company expects an extra push to sales thanks to the enactment of the recommendations of the Seventh Pay Commission.

"The last few years the industry saw challenges in festive volumes. This year is expected to be the best in terms of festive sales. We expect a 25 per cent growth in sales over last year during the festive period," said Rakesh Srivastava, senior vice-president, sales & marketing, HMIL.

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