Country’s second largest car manufacturer, Hyundai Motor India has set a target of producing more than 1 million vehicles every year by 2020-2021, which is just double jump in the sales stats by the Korean atuomajor. With its success in India, Hyundiai has also planned to introduce one of its subsidiary Kia Motors that is specialized in small cars.
The brand seems to sell off 1.1-1.2 million vehicles a year in the country, post Kia’s entry, where this market is expected to reach to third largest by the year 2020-21. In 2015, it sold 4.65 lakh vehicles in India and now company aims for a total output of 1.1 million -1.2 million which that will both includes domestic sales and exports.
Speaking to ET, Mr YK Koo, managing director of Hyundai Motor India, said he would not like to comment on Kia's plans since it is a separate entity. And refused to predict any sales numbers, but said there was significant growth potential in the market. "As one of the largest players in the market, we will continue to invest in new products and segments and deliver what our customer wants, underlining our intent of being modern premium," he added.
While the entry of the Kia, it is expecteing to come up with additional sales of about 2 lakhs cars for the company. According to vehicle sales forecasting agency IHS Automotive, the India passenger car market is set to become the third largest in 2020 with a production output of around 5.75 million units.