Hyundai all set to enter compact SUV space next year
07 May 2016
Auto major Hyundai Motor India, which showcased a sub-four meter compact SUV codenamed HND-14 at Delhi Auto Expo in February, has confirmed plans to enter the segment in 2017.
Hyundai India, the Indian arm of the Korean carmaker, will be using the concept codenamed HND-14 as the basis of its the future compact SUV which is to take on Maruti Suzuki's Vitara Brezza, the Ford EcoSport and the Mahindra TUV300.
This new SUV will be designed, developed and manufactured in India to be later exported to overseas markets. Hyundai's Hyderabad-based technical centre is working on the model with inputs from potential customers at the February expo.
Hyundai India, the second-largest carmaker in the country after Maruti Suzuki, plans to launch two - three new models every year till 2020 as a part of its efforts to further consolidate its position in the country.
The maker of popular models like i20 and Creta, Hyundai has over 16 per cent market share in the overall passenger vehicle segment in India.
The company is targeting a one per cent growth in its market share each year as it closes gap with the leader.
Hyundai 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.
"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 and CEO BS Seo said.
Apart from its 10 regular in-production models, Hyundai's future list includes some of its global models like the Genesis and i30. The company will also launch the SUV Tucson, positioned between Creta and Santa Fe.
Hyundai tested success in the compact SUV space with the Creta, which has become the market leader in its segment, with average monthly sales of 7,000 units.
Currently, Mahindra and Mahindra is the market leader in the utility vehicle space with 40 per cent market share.
With other car manufacturers like Tata Motors, Renault, General Motors and Honda targeting a slice of the pie, the utility vehicle space will see most of the action in the coming period.