Hyundai plans launch of 2-3 new models every year till 2020

Country's second largest car maker in India eyes 1% growth in its market share each year during the period

Auto major Hyundai Motor India plans to launch 2-3 new models every year till 2020 as a part of its efforts to further consolidate its position in the country.

The company, which is the second largest car maker in India, eyes 1 per cent growth in its market share each year during the period.

Currently, the maker of various popular models like i20 and Creta, Hyundai has over 16 per cent market share in the overall passenger vehicle segment.

"In the last two years we have launched seven models. We plan to launch 2-3 new models, including full model changes, every year continuously till 2020," Hyundai Motor India MD & CEO B S Seo told PTI here.

The company is targeting one per cent increase in its market share every year for the next five years, he added.

As part of its long term strategy in the country, the company is also developing models like a multi purpose vehicle (MPV), a small SUV and full model changes for its sedans Elantra and Verna.

He however did not share launch details of the upcoming models.

Commenting on the company's strategy in lieu of rival Suzuki planning to launch over 15 new models in India by 2020, Seo said: "Hyundai is also watching the market very closely."

When asked about plans to set up a new manufacturing plant in the country, Seo said: "Nothing is confirmed as yet. We are watching the market closely".

He added that the automaker, which currently sells 10 models in the country, would continue to introduce products with latest technology and design in the Indian market.

"We will keep bringing great products into the Indian market continuously to satisfy the customers here. We want to be the most loved and trusted company in the Indian market," Seo said.

Hyundai inaugurated its first dealership here in Leh, thus strengthening its sales network in the state.

"Jammu & Kashmir is a significant market for Hyundai in northern India and this dealership will help us to strengthen our presence in this region," Seo said.