South Korean carmaker Hyundai Motor Co confirmed on Wednesday it will launch a new global luxury car brand called Genesis, targeting higher profit margins to help it reverse out of an earnings slide.

Hyundai, which rose to prominence on a reputation for reliable, affordable cars, said the Genesis brand's lineup will start with two sedans this year, growing to six by 2020.

The sensational launch of Renault Kwid in India, priced at a starting Rs 2.57 lakh, and the eye-balls it has grabbed thereafter for its looks and other top features on offer, has forced rival automakers to offer discounts to make sure they stand their ground and maintain their market share.

India’s largest automaker, Maruti Suzuki has priced-in a large discount in its small car Alto 800 (discount range stretches up to Rs 35,000) and Hyundai is offering cut-price deals on Eon (discounts of up to Rs 37,000).

Calcutta, Oct. 9: A tweak in the global production strategy by Korean automobile major Hyundai has led to shrinking exports from the company's Indian arm.

Hyundai Motor India, which is still the largest car exporter, has recorded a 10.98 per cent dip in exports in April-August over the same period a year ago, according to the Society of Indian Automobile Manufacturers.

Auto major Hyundai Motor India plans to launch 2-3 new models every year till 2020 as a part of its efforts to further consolidate its position in the country.

The company, which is the second largest car maker in India, eyes 1 per cent growth in its market share each year during the period.

Buoyed by strong response to its newly launched SUV Creta, Hyundai Motor India ltd (HMIL) is increasing the output of the model by over 16 per cent to around 7,000 units a month.

The company, which launched the vehicle in July, has received over 40,000 bookings and is trying to reduce the waiting period.

Honda Cars, the country’s fourth largest passenger vehicle maker, will announce a price increase this week for most of its products. It will follow the top two in the segment, Maruti Suzuki and Hyundai, which announced a price rise earlier this month.

It is likely to be a rise of one to two per cent. “The main driver is an increase in costs. The weakening rupee is also a factor. We are evaluating the increase that is required”, said Jnaneswar Sen, senior vice-president (marketing & sales) at Honda Cars India.

Mumbai: Tata Motors Ltd. plans to introduce three new car models this financial year in India as it seeks to refresh an aging lineup and regain market share, according to people familiar with the matter.

The carmaker will unveil a sedan, a hatchback and a crossover during the year ending in March, three people with knowledge of the plans said, asking not to be named as the matter is private. It’s also considering the introduction of a compact sport-utility vehicle later, the people said.

NEW DELHI: Hyundai Motor India Ltd (HMIL) today reported 5 per cent increase in total sales at 50,408 units in July.

The company had sold 48,014 units in the same month last year, HMIL said in a statement.

Coming down hard on carmakers found to be restricting sale of spare parts in open market, fair trade regulator CCI on Tuesday imposed a penalty of Rs 420.26 crore on Hyundai Motor India and asked two others -- Reva and Premier -- to 'cease and desist' from anti-competitive practices.

This follows penalties totaling Rs 2,544.64 crore imposed on 14 other car makers in August last year in the same case. Those companies included Honda Siel, Fiat, Volkswagen, BMW, Ford, General Motors, Hindustan Motors, M&M, Maruti Suzuki, Mercedes-Benz, Nissan Motors, Skoda, Tata Motors and Toyota Kirloskar Motors.

MUMBAI: Barely a week into the launch of Hyundai's Creta, sports utility vehicle with an automatic transmission, Mahindra & Mahindra, India's largest selling utility vehicle maker has officially re-launched its own automatic version on the new generation Scorpio at 13.13 lakh ex-showroom New Delhi, a good Rs 45,000 lower than its new rival Creta.

Available on the S10 variant, on a like to like comparison, a 2 wheel drive automatic transmission - Scorpio is priced Rs 45,000 lower versus Hyundai Creta, which is priced at Rs 13.58 lakh ex-showroom New Delhi.

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