Korean auto major Hyundai is looking at more than one product in the compact utility vehicle space, one of the fastest-growing segment in India’s car market.
Ahead of the launch of its first compact SUV ix25 within the next two months, Hyundai India CEO and MD Bo Shin Seo told HT the company was also looking to develop a sub-4 metre compact SUV, and a 7-seater multi-purpose vehicle (MPV) to fully exploit the potential of the segment.
“This year we have already launched two products (i20 Active and 4S Verna). Later this year, we will launch a compact SUV,” Seo said. “But we have high expectations and are not satisfied by only these. Globally, SUVs are in great demand and we have to plan ahead. We are looking at a sub-4 metre SUV as well as other MPVs.”
The launch of Renault Duster in 2012, followed by Ford EcoSport a year later, has whetted the appetite for affordable SUVs, and almost every major manufacturer is developing products for this segment. India’s largest carmaker Maruti Suzuki will also launch the S-Cross around the same time as Hyundai’s launch.
“We have tested our product against competition and it will be very high on quality durability and performance,” Seo added. “It will help us grow our volumes and I am confident of its success.”
Hyundai’s sales grew 10.6% in 2014-15 at 420,668 units, and the company is looking to sell over 500,000 units this year.