Hyundai India Motor Limited (HMIL) has lined up eight new products, including three new cars, over the next three years to take on market leader Maruti across all segments in a big way.
Hyundai India Motor Limited (HMIL) has lined up eight new products, including three new cars, over the next three years to take on market leader Maruti across all segments in a big way. The company has announced new models such as the full hybrid Ioniq, a sub-4 metre compact SUV on the concept of Carlino, a small family concept car above its entry product Eon in the B segment, a new sedan (completely refurbished Verna) and a compact car in mid segment over the next two to three years. The company also lined up an upgraded/facelift versions of all existing models (including mild hybrids) to take on Ciaz, Vitara Brezza of Maruti, City of Honda, EcoSport of Ford and the likes of Alto, Wagon R, said YK Koo, managing director and CEO of Hyundai Motor India.
In his first major interaction in 2017 with the media here, Koo said: “With India becoming No 3 in the world for parent in terms of volume, it has been decided to capitalise with a slew of new segment products as well few upgradations for next three years to completely utilise our existing capacity in Chennai. The company is ready to bring down its exposure on exports to exploit the huge potential in India.”
Over the years, the export component of the company’s total sales in India has come down from 40% to less than 25% now and may go down further to meet rising domestic demand owing to new launches. Having crossed the half a million sales mark in India in 2016 (500,537 units sold), the company hopes to post a high single digit growth in 2017 on the domestic front and may cross 700,000 mark in total sales in 2017, Koo said in response to a query.
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Interestingly, the domestic sales in 2016 grew 5.2%, while the exports declined by 3.4% to 1,61,517 units. With demonetisation cast a major shadow, the company could only grow by 2.9% in 2016 in total sales to 6.62 lakh units.
In 2017, the company will launch two more products – a compact and a mid-size sedan (a new Verna probably), which will be followed with a full hybrid Ioniq in January Auto Expo 2018. This will be followed with a compact family car above Eon and mild hybrid of an existing model. A sub-4 metre compact SUV will be early 2019 and upgraded versions of some other existing models in later half of 2019, Koo pointed out. Compact segment is an important one which contributes 51% to overall sales, he added.
To a question on tapping ride share operators like other OEMs, Koo said: “We have started selling Xcent and Grand i10 models to some ride sharing operators in a small way.”