Hyundai Motor India Limited, the country’s largest exporter and second largest passenger car maker, is looking at introducing four new products over the next two years, in order to augment its share in the domestic car market. The South Korean auto major has also revealed intentions to roll out a new model in the highly lucrative compact Sports Utility Vehicle (SUV) segment.
Hyundai Motor is also planning to introduce a new compact hatchback car in the country this year that would sit between its i10 and i20 models. The company could be looking at challenging the segment-leader Maruti Suzuki premium hatchback. Further, the South Korean auto maker is also looking at the possibility of introducing an entry-level sedan model so as to challenge the authority of Maruti Suzuki Swift DZire and Honda Amaze in the Indian auto market.
Informing about the company’s future plans, Bo Shin Seo, Managing Director (MD) and Chief Executive Officer (CEO), Hyundai Motor India Limited, was quoted as saying, “Compact SUV is a very lucrative segment India. I think we are a bit late but we are developing a compact SUV to be launched soon.” The company’s senior officials have also affirmed that a compact SUV model is part of Hyundai’s long term strategy for the Indian auto market, including three other cars.
When enquired about the company’s plans of a sub-4 metre entry level sedan that would be based on the yet-to-be launched compact hatchback (codenamed BA), Seo refused to divulge much information and said, “That's a different car.” As per industry sources, Hyundai’s upcoming compact sedan would be available in the domestic market sometime between 2014 and 2015.
Further, Hyundai Motors India is studying the prospects of bringing a new Multi Purpose Vehicle (MPV) that could compete against the Maruti Suzuki Ertiga. Speaking on the same, Seo was quoted as saying, “The MPV segment is also fast growing, we are definitely looking at it but our priority will be the compact SUV.” Regarding the company’s new compact model to be pitched between i10 and i20 hatchbacks, Seo added, “Apart from the domestic market, we will be exporting it. We expect it to be our largest selling model.”
Industry experts believe that Hyundai’s plans of bringing compact hatch, entry-level sedan, compact SUV and MPV models have emerged after its rivals have consolidated an impressive presence in those segments. Therefore, it would be a welcome move for the domestic audience as they would soon see more Hyundai models in the segments where the South Korean auto maker was not present previously.