Hyundai Motor India is planning to invest Rs 4,000 crore over the next three years to launch six new vehicles. After the new variants of Xcent and Verna launched recently, it plans to launch two new vehicles by 2020. YK Koo, MD and CEO, Hyundai India, said, “The slowdown in our growth has not been due to capacity constraints, but mainly due to lack of new launches from our side since July 2010, when we brought the Creta to the Indian market.” The company’s volumes grew at 5% in FY17 at 5,09,707 units while the passenger vehicles industry grew at 9%.The company currently has a capacity of around 7 lakh per annum in India. “We hope to increase our market size to over 1 million (10 lakh) units as soon as possible in India,” said Koo.
Koo also hinted at the relaunch of the Santro — its most popular car in the country till it was discontinued in 2015 — in 2018. Asked about the Santro, he said plans are to launch it very soon, and this time around it will be a “bigger and wider” vehicle. Puneet Anand, group head-marketing, Hyundai Motor India, said the company plans to launch a new compact car in 2018. “The new compact car will be a family car and positioned between Eon and Grand i10,” he said. Apart from the compact car, the company also confirmed that it will be launching a new compact SUV in 2019 to compete with the likes of Maruti Vitara Brezza and Ford Ecosport. The company also confirmed that its plans to launch hybrid vehicles in India has been put on hold indefinitely and it has instead started to look at possible opportunities in the electric vehicle space.
By Deepak Kumar