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Hyundai plans to launch 8 new models by 2020

Hyundai plans to launch 8 new models by 2020

Snapshot: Hyundai to launch 8 new models by 2020 out of which two would be new segments.

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Hyundai is planning for an electric vehicle that would roll out from its facility in India. A senior company official also added that India is set to become one of its global regional headquarters and will serve more responsibility for local long-term planning. Since its 20 years of operation in India, Hyundai has sold 8 million vehicles cumulatively and is also targeting to cross the 10 million milestone in the first quarter of 2021. Koo also revealed about company’s plan to launch 8 models between 2018 and 2020, out of which two will be in new segments and five will be full-model changes, and an electric SUV.

Mr Y K Koo, Managing Director and CEO, Hyundai Motor India Ltd (HMIL) told said to a publication, "An electric SUV is among the eight products planned to be launched here between this year and 2020. It is expected in the second half of 2019. Initially, we will import it as a completely knocked down unit. Our plan is to produce EVs from our Chennai plant in the long term.”

The Korean car maker will launch the electric SUV in 15 cities in India, Koo said, and further also added that pricing and target volume are still being finalised. The company is not thinking of getting hybrid, as India has been identified EV as the key technology for the future.

Speaking on this, he said, “Our focus for new technology is on EVs, but we need government support to make it adopted on a mass scale." He said that the government must consider reducing import duties, cutting GST rate on Electric Vehicles to 5 per cent from 12 per cent and continuation of subsidy support under FAME scheme for personal EVs. "Also, there is a need for the development of charging infrastructure, for which the industry would need government support," he said, adding the company would provide home charging kit when its electric SUV is launched in India.
 

That apart, Hyundai also plans to come with eight new products by 2020 and with that also increasing its annual production capacity to 7.5 lakh units, where currently it is 7 lakh.

On the significance of the development, Koo said, "It empowers us with more responsibility for long-term planning for up to ten years for the local market. Earlier we were focussed on short term plans for up to three years. The main purpose is to continue with sustainable future growth." As India will become the regional headquarters for Hyundai, he said it basically reflected the importance of the market among the only three regional HQs along with North America and Europe.

It would help strategise its marketing, sales, after-sales service, manufacturing, corporate planning, including exports, and product planning to react swiftly to customer needs and requirements.

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