Chennai: Hyundai Motor India Ltd is planning to launch up to four new models in the next two years, including a compact sports utility vehicle (SUV), to enhance its position in the market.
“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,” Hyundai Motor India’s managing director and CEO Bo Shin Seo said in Chennai.
The company, which is slated to introduce a new compact car later this year, is also mulling taking on Maruti Suzuki India Ltd’s DZire and Honda Motor India Pvt. Ltd’s Amaze with a new sub-four metre sedan.
When asked if the company planned to launch a sub-four metre sedan from the same platform as its upcoming compact car codenamed BA, Seo said :“That’s a different car.” He declined to share further details, but sources said the entry level sedan could hit the market between 2014 and 2015.
Besides, Hyundai Motor is also studying the multi-purpose vehicles (MPV) segment, where Maruti has tasted success with Ertiga. “The MPV segment is also fast growing, we are definitely looking at it but our priority will be the compact SUV,” Seo said.
On the upcoming compact car, he said the model will be positioned between the company’s i10 and premium hatchback i20. “Apart from the domestic market, we will be exporting it. We expect it to be our largest selling model,” Seo said. At present the i10 is Hyundai’s top selling model, with sales clocked at about 160,000 units last year.
When asked about the sales expectations for 2013, he said: “The market continues to be tough in India and this year we are looking at about 2-3% growth in domestic volumes.” In 2012, Hyundai had sold around 380,000 units in the domestic market and around 250,000 units were exported. The company is the second-largest car maker in India after Maruti Suzuki.