Chennai:India’s second largest car maker Hyundai today said it will launch a new small car i20 by the end of this year, which will complete the company’s product portfolio in the compact car segment.
The company today also launched a new i10, powered by a 1.2 litre Kappa engine, priced between Rs3.99-5.43 lakh.
The proposed i20 would also be powered by the 1.2 litre Kappa engine.
“The i20 will be launched by the end of 2008 and it will complete our range of product portfolio in the compact car segment,” Hyundai Motor India Ltd Managing Director and CEO Heung Soo Lheem told reporters here.
The newly launched i10 with 1.2 litre Kappa engine would be available in three variants — Magna, Sportz and Asta.
“With the launch of these models, the contribution from Indian operation to overall global sale of Hyundai will increase to 15% in a couple of years from the current 12%,” Lheem said, adding Hyundai Motor has become the fifth biggest car maker in the world.
On its new engine, Kappa, Lheem said: “This engine is exclusively manufactured in India. This shows Hyundai’s commitment to make India as a global small car hub.”
The company’s new engine and transmission plant in Sriperumbudur set up at an investment of $250 million, would have a capacity of 2.5 lakh units per annum.
Overall, the company has invested $421 million on the Kappa project over a period of 48 months.
Lheem said, the company has already received huge export orders, including 50,000 units from Europe, for the new i10.
“... but the quantum of exports will entirely depend on the domestic demand,” he added.