Hyundai plans to invest Rs 5K-cr on new cars to double its sales by 2021

| | New Delhi

Hyundai Motor will invest Rs 5,000 crore in the country to bring eight models starting with a hybrid  to almost double its sales to one million unit by 2021.

“In the next four years till 2020, we plan to invest Rs  5,000 crore to develop eight new products and out of them three models will be new segment products,” said Hyundai Motor India Ltd MD & CEO YK Koo, adding, “we plan to launch hybrid first and two new models each year till 2020 as part of the planned launches.”

When asked about whether there will be any elecric vehicle launches, Koo said, “We have the technology and if the market demands, we will launch electric vehicle.”

Talking about sales expectation, HMIL Director, Sales & Marketing, Rakesh Srivastava said: “We expect to sell one million units by 2021.”

Koo also said the company has set a target of selling 6.72 lakh units across domestic and international markets. “The company aims to maintain its present 17 per cent marketshare in India,” he added.

Hyundai on Thursday launched all new version of its compact sedan Xcent priced between Rs 5.38 lakh and Rs 8.41 lakh (ex-showroom Delhi) in both petrol and diesel.

“With over 2.5 lakh units sold in domestic and international markets since 2014, we are confident that the all new Xcent will create a new benchmark in its segment,” Koo said.

The company would keep selling the older versions of Xcent and old Grand i10 under the Prime brand to fleet segment, including ride sharing industry, Koo said.

“We have set a target of 5,000 units per month for the new Xcent. We will also keep selling the old versions of the Xcent and i10 to cab aggregators as there is demand for such compact models in that vertical,” he added.



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