Hyundai Motors India Ltd. ((HMIL), the second largest car maker in India, will unveil two more sports utility vehicles (SUVs) in a bid to realise its goal of becoming a modern premium brand, according to a top official.
“We are strong in compact and SUV segment. The new roll outs are aimed at realising our aim of becoming modern premium brand. Currently, we have 11 brands in our portfolio. With the roll out of Tuscan, it will increase to 12. Before the roll out of Creta, this segment was in the negative. In the last seven months, our sales have grown by 40 per cent,” said Y.K. Koo, Managing Director and Chief Executive Officer (CEO) of HMIL.
Briefing reporters after unveiling the sixth generation Elantra, Mr. Koo said the company had already rolled out Creta and Santa Fe.
On the pipeline is the roll out of Tuscan in petrol and diesel versions by October or November in India and a sub-4 metre SUV which would hit the road after two years. The diesel engine for the sub-4 metre will be imported from Korea.
Modern premium brand is described as one positioned between mass market and premium segment.
Rakesh Srivastava, Senior Vice President and Division Head, Marketing and Sales Division of HMIL, said they were planning to release at least two new products every year.
“This year, we are targeting to sell five lakh cars and this is considered as the fastest in the auto industry,” he said.
Domestic focusAsked about the drop in export market, Mr. Srivastava said it was due to drop in crude prices in the Middle East and Latin America.
