Korean car manufacturer Hyundai plans to introduce new models in virtually all segments in India.
The move is aimed at drifting away from the “small car maker” image that has clink on to the brand and maintaining a 20% stake in the Indian market.
Hyundai’s in Indian subsidiary Hyundai Motors India Limited (HMIL) launched the new Verna with both petrol and diesel engines. The new Verna will come at an introductory price of between Rs 6.99 lakh and Rs 10.75 lakh (ex-showroom Delhi).
Keeping in sync with the company’s plan of thwarting the ‘small car maker’ tag, Hyundai will continue to offer more mid-sized and premium vehicles in the country. Also read: 2011 Hyundai Verna launched: Potential Honda City-killer!
“HMIL is very important for Hyundai Motor Company (HMC). HMIL has kept pace with the growth in the Indian market and we’ll offer a full line of products here,” SS Yang, President and CEO, Hyundai Motors Corporation (HMC) was quoted as saying by BS Motoring.
He added that “In order to change its image from only a small car maker, the company will bring in new models in all segments such as small car, mid-size and even premium segment.”
The company has now started eyeing the Indian market as a major consumer base owing to the volume of sales the country’s huge market provides them.
” The Indian market is a priority for us and we have supported this market through technology and new models… We will continue to bring in new technology,” Yang said. Also read: Hyundai i45 India launch in second-half of 2011
The company’s words show in their actions and they have invested a sum of $1.8 billion (over Rs 8,000 crore) in the country. Hyundai is also putting in a hefty sum of Rs 400 crore in order to set up a diesel engine plant in India.
Hyundai’s Indian portfolio at present includes the likes of the Santro, i10, i20, Accent, Verna, Sonata Transform and a SUV dubbed Santa Fe.
The new 2011 Hyundai Verna will be available in 10 trim levels and 6 colors. The company plans to sell around 45,000 units of the Verna during the first year of the launch.
The new Verna adopts Hyundai’s fluidic exterior design as seen in the new i10 and i20 models sold in India. The wide-open, hexagonally shaped large air dam at the front and smooth curves on the side profiles, give the new Verna a far better look than its previous models.
The Verna has been selling well in Indian markets and the new Verna could boost sales figures for Hyundai. “With the launch of the new Verna, I am confident that it will help in consolidating our position in the mid-size segment. Our brand image will enhance and we’ll no longer be considered as a small car maker in India,” Yang said.
Although India accounts for roughly 8% of Hyundai’s worldwide sales their production capacity in the country is not at par with the demand.
“We would like to maintain our market share at about 20% in India. Unfortunately, our production capacity is only about 6,00,000 units per annum,” Yang said.