The Hindu : Business : Hyundai unveils new compact car

Online edition of India's National Newspaper
Thursday, Nov 01, 2007
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Hyundai unveils new compact car

Special Correspondent

Will be priced at Rs. 3.39-4.90 lakh, ex-showroom Delhi

To be produced
only in India
Boost to research and development

NEW DELHI: Having groomed India as its global manufacturing hub for small cars, Hyundai Motor Co (HMC) is going to target its India facilities to contribute 30 per cent of its international production from next year.

A strong indication was given in this regard as the company held the global premiere of its new compact car ‘i10’ here on Wednesday in the presence of the superstar and brand ambassador, Shahrukh Khan. This car will be manufactured only in India and exported to over 70 countries. Significantly, this is the first car from Hyundai stable that made its international debut in India.

“Hyundai Motor in India is poised to play an important role not only in India but also in HMC’s global plans and we hope that with India becoming a hub for small cars, we expect production in the country to account for 30 per cent of overseas production by 2009,” HMC President, Jae Kook Choi, told reporters here on the occasion of the launch. He said, “By 2009, when the overall production capacity touches six lakh units, in India we expect half of it to be exported.”

The new car, in line with its international production plans, is priced between Rs. 3.39 lakh and Rs. 4.90 lakh (ex-showroom Delhi) for the domestic market. It has been positioned between its flagship Santro Xing and premium hatchback Getz Prime. High hopes are pinned on the 1.1 litre petrol engine driven new car as the company expects to sell a minimum of 1.5 lakh units of i10 next year in the domestic market.

Hyundai Motor India Managing Director, H. S. Lheem, said the company was planning to export one lakh units each of i10 and Santro next year when from it would start exporting the diesel variant of i10 with a 1.1 litre engine.

Hyundai is also strengthening its research and development in the country. The company would be investing $40 million at the Hyderabad centre and increase headcount to 800 by 2009. Simultaneously, the Chennai R&D centre would be further reinforced and strengthened, Mr. Laheem said.

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