Hyundai Motor has announced a medium-term product launch programme for India that will see it open up three new segments for cars and five upgrades over the next four years.
This will help it maintain about a fifth of the market share in the passenger vehicle (PV) market.
The new launches are aimed at further consolidating its position in some segments and regaining its lost glory in entry level and mid-size sedan categories. It will also introduce new technologies such as mild and full hybrid, automatic manual transmission and turbo gasoline engines.
“In the recent dealers’ conference, we announced our new product plan for the Indian market between 2017 and 2020 for strong market leadership with sustainable growth. Of the eight new launches, three will be in new segments and five will be facelifts,” YK Koo, Managing Director & Chief Executive Officer, Hyundai Motor India Ltd (HMIL), said here.
For 2017, it has planned at least two models, of which a new Grand i10 has already been rolled out (on February 6) and it is reported to have been received well with nearly 8,500 bookings so far.
During the second half of 2017, it is expected to launch the next generation Verna, which will strengthen its mid-size sedan segment, which is now dominated by Maruti Ciaz and Honda City.
“Though we are strong in compact sedan and SUV segments, our position is now weak in mid-size sedan segment. We were successful in this segment a few years ago, but competition’s new products with high technology and more features affected our volumes. But we will come back in this category,” said Koo.
Hyundai will showcase its strong hybrid car Ioniq in Auto Expo 2018 and in the second half of 2018, the first new segment car with family-oriented design and concept will be introduced. With more space and features, this new family-design car is expected to be the upgrade for its current entry level car Eon.
HMIL will also introduce its first sub-4 metre compact SUV for India in early 2019 to further strengthen its position in the segment.