Hyundai also lined up for new small car
The rate race is started already in India to join the bandwagon of launching small cars in India. The new name in the crowd is Hyundai Motors India (HMIL). The new small car from Hyundai will be smaller than Hyundai Santro. HMIL's newly appointed CEO and MD HW Park informed that the India bound small car is in development process in Korea at the investment of Rs 800 crore. However, he did not disclose about the commercial launch or price of the car. Mr Park said that the company wants to grow domestic sales to export ratio from 50:50 to 60:40 by the next year. He added that Hyundai will continue exporting small cars from India to overseas market.
The rate race is started already in India to join the bandwagon of launching small cars in India. The new name in the crowd is Hyundai Motors India (HMIL). The new small car from Hyundai will be smaller than Hyundai Santro. HMIL's newly appointed CEO and MD HW Park informed that the India bound small car is in development process in Korea at the investment of Rs 800 crore. However, he did not disclose about the commercial launch or price of the car. Mr Park said that the company wants to grow domestic sales to export ratio from 50:50 to 60:40 by the next year. He added that Hyundai will continue exporting small cars from India to overseas market. In view of several small car launch announcement from different car makers, Hyundai might carry forward its current 21 per cent market share when competition comes. At present, Nissan, Honda, General Motors are among the few auto makers who tend to foray in compact car market in India in next three years. Meanwhile Volkswagen is going to launch its Volkswagen Polo and Volkswagen Beetle in Indian market very soon.