Targets 1 percent increase in market share every year.
Hyundai Motor India has told PTI that it plans 2-3 new model launches every year till 2020. The company currently has 16 percent market share in the country, which it plans to improve by 1 percent every year for five years. This was said by BS Seo, Hyundai Motor India's MD & CEO, on the sidelines of the inauguration of the company's first dealership in Leh on 22 September.
Among the new models that are set for launch in the 5-year period, there is an MPV, a compact SUV and next generation versions of Verna and Elantra, we can speculate. The South Korean carmaker has in the past two years strengthened its portfolio with the Grand i10, new Santa Fe, Elite i20, i20 Active and Creta. The facelifts of these models would come in the next 3 years, if Hyundai has to keep them fresh and relevant.
The only key segment Hyundai is yet to set foot in, is the MPV space, which it will explore in 2017 with the production version of the Hyundai Hexa Space concept, codename IP.
The Utility Vehicle segment accounts for about 21 percent of the Indian market, which most other prominent carmakers in India already have a presence in.
Hyundai Grand i10X (Indonesia-spec) - Image Gallery (unrelated)
[Source: Economic Times]