Hyundai Motor India managing director HS Lheem said the model, which would be smaller than Santro and would compete in the 800-cc segment, is being researched and developed jointly by Indian and Korean engineer teams at Hyderabad and Namyang. Presently, only Maruti Suzuki has a new model in the
The car would be both for the domestic and export markets, he said. Asked whether it would be pitted against Maruti 800, Lheem said, the Maruti car is an old one. The company would showcase its next model i20 at the Paris Motor Show next month.
He said that the car would be introduced in India by December and exported afterwards. Lheem said that the company, which had a 17% market share in the passenger car segment in 2007, was targeting a market share of 22% in 2008.
We want to be number one in India, he said. i10, which is selling at over 20,000 per month, has been a runaway success since its launch and sold more than the Santro, the entry level car from the Hyundai stable , he added.
From October, the company, which has a production capacity of six lakh cars per annum at its Chennai facility, would start a third shift.
The domestic sales to export ratio for i10 was 50:50. Lheem said the company would invest around Rs 200 crore for creating a new stamping facility at its Chennai plant, for exporting CKD components to Taiwan and Malaysia. From India, Hyundai exports to 95 countries. On Nano, the Tata small car, he said that the company had no plans to compete in that segment.