Auto manufacturer Hyundai Motor Co. has revealed that it will launch at least one new model every year in the Indian market.
The company said that the move was a part of its expansion in the country to increase its share in the growing Indian automobile market.
Hyundai’s Managing Director Han Woo Park has been quoted as saying that the company would also renew existing car models along with launching a new car model every year as part of the company’s efforts to raise its market share.
The company is also planning to increase its rural marketing network and source more of its components locally. A growth in the auto market is higher than that seen in the 40 major cities in India. The company revealed that its priority had now shifted to cater to the rising demand in domestic markets. It also revealed its intentions to penetrate deeper into the Indian market by expanding its network of dealerships.
The company’s two units located in Chennai are capable of manufacturing 600,000 cars annually. One-third of these cars are exported to more than a 110 countries in Europe, Africa, Latin America, Middle East, Australia and Asia.
The company is regarded as the largest exporter of cars from India and has maintained that position for six consecutive years. It also claims to be the second-largest manufacturer of passenger cars in India after Maruti Suzuki India Ltd. Hyundai had also posted a 20.8 percent growth in its operations in India last fiscal, raising its output to 600,588 cars.
An SUV called Santa Fe and the Sonata sedan are among the list of new Hyundai models to be launched later. Renewed models of the Hyundai i10 and i20, will also be released by the company. The Hyundai i10 model was recently revealed to be the most fuel-efficient car in its segment and had even managed to sell more units than the Maruti Suzuki Wagon-R, from the Maruti Suzuki stables.
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