Korean auto major Hyundai Motors Corporation will invest up to Rs 5,000 crore in India in the next four years, and will launch its hybrid car brand Ioniq at the Delhi Auto Expo 2018.
“We will bring hybrid cars under our brand Ioniq at the Auto Expo 2018, followed by electrics by 2020,” YK Koo, CEO of Hyundai Motor India Ltd, said at the launch of its compact family sedan Xcent on Thursday. “Of course, we’ll see what the demand and market perception about electrics is then, but that’s the plan right now,” Koo added.
HMIL also said it will invest up to Rs 5,000 crore in India over the next four years, during which it will launch eight new products.
“We are working on a sub-four-metre SUV right now, which will be positioned below the Creta,” Rakesh Srivastava, director of marketing and sales said. ”It will be launched in the first half of 2019,” he added. This could be a production version of the Carlino concept, which Hyundai showcased at the Delhi Auto Expo last year.
On Thursday, Hyundai launched a facelift of its compact sedan Xcent, starting at Rs 5.38 lakh (petrol) and Rs 6.28 lakh (diesel). The company claimed to have sold 2.5 lakh units of the last version of Xcent since its launch in 2014.
On reports of Hyundai’s minority-owned Korean brand Kia Motors setting up a plant in India’s Andhra Pradesh, Koo said, “We have no information about it right now.”
Hyundai has been in India since 1997, and has captured no 2 market slot, only second to Maruti Suzuki, which started in 1983. “If you see, Ford, GM were already in India when we came, still they are not where we are today. At 16-17% market share, we have done quite well.”
“We expect to cross 17% market share in India in 2017,” Koo said.
When asked why Hyundai is not as aggressive as Maruti Suzuki when it comes to products and sales to grow its share in the world’s fastest growing market, Koo said, “We want more happy customers, happy dealers and successful brand products.”
Hyundai currently has at least 478 dealers across the country and a total of 600 selling points.