| Hyundai Motor developing smaller car for India at Rs.800 crore outlay |
| Written by Satish | |
| Wednesday, 18 November 2009 | |
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Chennai: Hyundai Motor Company is developing a new small car for the Indian and export markets at an outlay of around Rs.800 crore. The car is being developed in South Korea and will be manufactured at the Chennai plant once the design gets completed. Currently in it's design phase, the car is expected to be launched in India within the next two years. Mr Han Woo Park, the company's newly-appointed Managing Director and CEO, said that the car, though initially targetted at India, would gradually also be exported. The new car, when it is launched, is expected to push the company's plant at Sriperumbudur to full capacity. Currently, the plant is said to be running at 90 percent capacity. The total plant capacity is 6,30,000 units per annum. Hyundai Motor India Ltd will also expand it's dealer network by adding 46 dealerships by next year. The company expects to achieve 14-15 per cent growth this calender year. This calender year, the company expects to export 2.70 lakh cars. HMIL vice-president sales and marketing, Arvind Saxena said that about 78 - 80 percent of the Indian car market consists of small cars. HMIL has a 21 percent market share in the compact car segment. Mr. Han Woo Park clarified that the new car would not fall in the 'Nano' segment. The car would be smaller and cheaper than Hyundai's Santro. |