Hyundai serious about launching compact SUVs
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With major car players in India introducing compact SUVs, country’s second largest carmaker Hyundai Motor India Limited (HMIL) does not want to be left behind. Hyundai is ‘serious’ about entering the compact SUV segment and studying the market which according to the company is the fastest growing at present.
The compact SUVs already in the market include Ford EcoSport, Renault Duster, Nissan Terrano and Toyota Etios Cross.
Speaking on the sidelines of the launch of its new premium hatchback the Elite i20, HMIL senior general manager and Group head marketing, Sanjay Gupta said the company was keenly studying the compact SUV market in India. “Coming up with a new product requires a lot of investment. We are studying the compact SUV market in India as we are serious about such a product,” Gupta said when asked if his company plans to come up with a compact SUV in the near future.
“We are looking at the market. The company is serious about it but I cannot say how much time it would take to come up with such a product,” he added.
The compact SUV segment is the new emerging area in recent times with Maruti Suzuki, Honda, Mahindra & Mahindra, Volkswagen and Tata Motors also developing products for the segment. In 2014, Hyundai launched its compact sedan Xcent. The company plans to launch at least one product every year and foray into new segments. With launch of the Elite i20 Hyundai plans to reach 30 per cent market share in passenger car segment in next one year.
Gupta said that they also plan to export the Elite i20 to Latin America and African regions. He further said that Hyundai and Suzuki were the only one with focus on India.
“Only Hyundai and Suzuki seems to be focusing on India. All our products are specific to India,” Gupta said. According to Gupta HMIL contributes 20 per cent to the total revenue of the Korean carmaker globally.
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