A favorable monsoon and rise in wages following implementation of the Seventh Pay Commission has seen auto manufacturers in India note increased sales and set increased targets.
Hyundai Motors India Limited, the country’s second-largest automaker is expecting domestic sales increase to the extent of half a million in 2016 and looks forward to upcoming festive season to achieve this aim. In the long run, the South Korean brand aims to increase sales to 11-12 lakh per year.
Hyundai recently launched the new Elantra sedan, which is part of the company strategy to launch two cars each year to expand its reach in India where it currently commands market share of 17% in the passenger vehicle segment. The company will next launch Tucson SUV later this year and will also add a new variant to the Elite i20 soon.
Speaking about long term plans, the company is on the verge of announcing the launch of Kia in India. Once Kia is operational, Hyundai India aims to sell 11-12 lakh cars every year. They expect this to be achieved by 2020/21.
Kia Motors specializes in small cars which is apt for car buyers in India. A new plant will be set-up, which will produce both Hyundai and Kia cars, not only for India, but for export as well.
Hyundai i20 Sport
via Economic Times