Hyundai India plans to unveil at least one new product every year till 2020 and will invest around Rs 1,000 crore on each of its models. It seems, with the extremely impressive success of Hyundai Creta after making its name in the ICOTY (Indian Car of the Year) 2016 award has further boosted the South Korean automajor’s confidence in the market.
In an e-mail interview, YK Koo, Managing Director and CEO of Hyundai Motors India told BusinessLine that the company expects to increase its market share by 1 per cent every year. Mr Y K Koo was one of the key executives who was part of the launch team when Hyundai started operations in India in 1997.
With such strong plans this decade, in the first the company has introduced many successful models like Hyundai Verna, Hyundai Eon, third-gen Hyundai Santa Fe, second-gen Hyundai i10 (as Hyundai Grand i10), Hyundai Xcent, second-gen Hyundai i20 and the Hyundai Creta. And, in the second half the company will introduce at least one new model every year, along with facelifts and yearly updates of current models. Where each model will be faced with an investment of around Rs 1,000 crore.
Reportedly, Hyundai is working on compact MPV which is expected to be ready by the end of 2016 or early 2017. The company is also believe to be studying the Indian market to introduce its flagship luxury sedan, Genesis G90 (EQ900)