The company had earlier pegged the price of the Sonata at around Rs 14- Rs 16 lakh, but is presently revising the price structure, due to the reduction in excise duty in the budget.

According to HMIL managing director YS Kim, " Sonata has been launched in Korea on January 9 this year and has already become one of the highest selling brands. In our commitment to introduce any new model simultaneously across the world, Sonata's launch in India will coincide with its international debut in the US and the European markets."

"The acceptance of Hyundai cars by Indian customers is owing to their high quality. We are conscious of our customers' demand for quality and are committed to offer only the latest advanced technology products. Hyundai will continue to offer contemporary cars to Indian customers, that will always match their aspirations levels," he said. According to HMIL director (marketing & sales) BVR Subbu, " Ever since the introduction of the Hyundai cars in the Indian markets, we have got an overwhelming response".

Last year Hyundai sold around 85,000 cars, and in this calendar year the company hopes that it would reach upto one lakh cars - 79,000 Santro , 20,000 Accent and 1,000 thousand Sonata. The excise duty being slashed from 40 to 32 per cent has seen the price of the Santro go down by around Rs 10,000 and Accent by around Rs 34,000 depending upon the models.

" Our export market is more stronger than the domestic. We account for 25 per cent of exports from India, while 15 per cent in the domestic market. Right now we are exporting to Algeria, Morocco and Indonesia, basically between South East Asia and North Africa. We do some exporting to Saarc countries also, " Mr Subbu said.