Hyundai Santro will not be Revived; Company to Invest Rs.1,000 cr on Every Upcoming Model
India’s second largest automaker has confirmed that it will launch a new product every year untill 2020. The Korean carmaker will be investing Rs. 1,000 crore on each model, which will include both new as well as refurbished units.
The company is taking this measure to reinvent ownership’s price value equation. YK Koo, Managing Director and CEO of Hyundai Motors India also told BusinessLine in an interview that the company intends on increasing its market share in the country by 1% every year.
We recently suggested that Hyundai should consider reviving its immensely successful Santro hatchback for the Indian market. Commenting on the same, Mr. YK Koo said that there are no such plans in the pipeline and for now, Santro’s replacement Hyundai i10 will continue tending to the hatchback’s target demographic.
Company’s recently launched premium compact SUV, the Hyundai Creta was also awarded with the title of Indian Car of the Year (ICOTY). The CEO credited this accolade to company’s capability of launching products, which are widely accepted by Indian consumers. Supporting his statement is the fact that this is Hyundai’s third win in a row.
Also, as a result of the high re-sale value and low cost of ownership of Hyundai’s models, the Korean automaker has managed to increase its rural market share in India.
Source: BusinessLine
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