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As per some fresh reports by Business Line, Hyundai has formulated a new strategy to be adopted in the Indian automobile market. In an e-mail interview, the Managing Director and CEO of Hyundai Motors Mr YK Koo has disclosed that the company aims to invest around INR 1,000 Crores on each and every model and it's also planning to launch atleast 1 new car every year till 2020. apart from this, the existing models will also be updated on a timely basis and the target is to get a hike of 1% in the market share every year.
Currently, the automaker acquires 17.2% market share with almost 10 premium models present in the lineup. It serves both domestic and international market and is the largest exporter in India with 25.4% export share. With a production capacity of 6.8 Lacs vehicles per annum, the automaker has invested around 2.7 Billion Dollars till date in India.
You may also like: Hyundai Creta Wins Car of the Year Award
If we observe the performance of Hyundai in the first half of 2015, cars like i10, elite i20, Verna and Creta have been some really successful products, not only in terms of sale but also in grabbing appreciation. Creta has also won the Indian Car of the Year Award (ICOTY) award, which is a great achievement considering that the SUV is an all new player in the market. In the second half of next year, Hyundai is likely to launch an all new MPV, next gen Elantra and will also focus on the luxury brand Genesis.
Source: Business Line
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