HMIL intends to increase its market share this year aided by the crossover and SUV.
Hyundai Motor India Limited (HMIL) will launch its first crossover in the form of the Elite i20-based 'cross' in April 2015, reads a report from the Economic Times. As for the ix25-based compact SUV, the report says that a launch will take place in the festive season of this year (October-November period).
HMIL aims to cross the half-a-million sales mark by 2016, and these new products will be instrumental in growth. Last year, the Korean car maker sold 410,000 units in the domestic market, its best ever sales since the launch of the brand 16 years ago.
Even though the company has a market share of 21.6 percent, Mr. B S Seo, CEO and MD of HMIL, told the publication that it wasn't satisfied with this, and aims to increase it further. Mr. Rakesh Srivastava, Senior Vice-President of Sales and Marketing, HMIL, said that the company intends to capture 5 percent market share with the compact SUV. This would in turn help HMIL as a whole increase its market share by 1 percent in 2015.
The Elite-based crossover will rival the likes of the VW Cross Polo, Toyota Etios Cross and Fiat Avventura. It'll likely be powered by the same engines (1.2L petrol and 1.4L diesel) as the Elite i20.
[Source - Economic Times]