Hyundai targetting 8% growth this year, launches Elite i20

Hyundai tagetting 8% growth this year, launches Elite i20

New Delhi, Aug 11: Hyundai Motor India Ltd (HMIL) is targeting around 8 per cent growth in domestic sales this year to 4.1 lakh units on the back of improved buyer sentiment and new product launches.

The company, which today expanded its compact car portfolio with the launch of premium compact car Elite i20, priced between Rs 4.9 lakh and Rs 7.67 lakh (ex-showroom Delhi), had sold 3.8 lakh units in domestic market in 2013.

“This year our target for sales in domestic market is 4.10 lakh units. Last year we had sold 3.8 lakh units in the domestic market,” Hyundai Motor India Ltd (HMIL) Senior Vice President (Sales & Marketing) Rakesh Srivastava told reporters here.

The past three months have seen improvement in customer sentiment resulting in better sales in the automotive segment, he added.
Srivastava said the company sold a total of 6.33 lakh units last year, out of which 2.53 lakh units were exported to different global markets.

The company’s Chennai facility has a current capacity to produce about 6.4 lakh units per annum, which can be stretched to 6.8 lakh units with change in shifts.

When asked about the sales expectations from the i20 Elite model, Srivastava said: “We were selling around 3,800 units of existing i20 per month and now with the new version we would be happy if we are able to sell around 6,000 units per month.”

The second generation i20 Elite — which made its global debut today — will compete with the likes of Maruti Suzuki’s Swift and Volkswagen Polo in India, priced between Rs 4.42 lakh and Rs 7.99 lakh (ex-showroom Delhi).

The Elite i20 will be available in both petrol and diesel options. While the petrol version is priced between Rs 4.9 lakh and Rs 6.46 lakh, the diesel variants are tagged at Rs 6.09 lakh to Rs 7.67 lakh (ex-showroom Delhi).

The new model, on which the South Korean manufacturer has invested Rs 1,050 crore, would replace the existing i20 model, Srivastava said.

“We remain committed to the Indian market. The all new Elite i20 would help further enhance the company’s market share in India,” HMIL Managing Director & CEO B S Seo said.

Since the launch of first generation i20 in December 2008, the company sold 7.34 lakh units in the country, he added.
The company said the Elite i20, which is built on a completely new platform, would further add to the company’s strategy of enhancing volumes.

The Elite i20 was designed at Hyundai Motor’s Design Centre Europe in Rsheim, Germany.