Nearly every car maker in India is planning to bring its small car model in India to break the monopoly currently retained by Maruti Suzuki. Hyundai is the second largest auto maker in India and is now planning to invest Rs 800 crores to develop a small car specifically developed for the Indian market. The car is expected to be launched in next two years.
"We are developing a small car and approximately Rs 800 crore will be invested at the Korean plant for development," said newly appointed Managing Director and CEO of Hyundai Motor India Ltd (HMIL) Han-Woo Park. He did not divulge any further details regarding the technical specifications or the price but states that the car will be placed below Santro. Currently, the new model is in design stages and it is too soon to reveal more details. Once the design is completed the car will be manufactured at Hyundai’s Chennai manufacturing unit.
Hyundai is also the largest car exporter from India. The new small car will initially cater to domestic demands but will eventually be exported to other countries as well. India is a strong small car manufacturing hub for Hyundai.
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