Hyundai Motor Co. announced its plan to produce a cheap mini-car in India by 2011 to compete with not just the Nano, but also other car companies in the fray of mini cars in India. The car would cost close to Rs. 1.4 Lakh (ex-showroom) says the Executive Vice President of Hyundai Motor's Advanced Technology Center, Mr. Cho Won-Suk. Surprisingly, Mr. Cho also said that they don’t plan the production of the mini-car for South Korea.
The company aims to introduce a mid-size sedan and an SUV powered by fuel cells by 2012. Hyundai is also targeting the launch of a hybrid car by 2020. Hyundai along with Kia Motors Corp. is named world's sixth-largest carmaker by sales. Now Hyundai is going to diversify its cars with fuel-efficient technologies and plans to introduce a version of its Avante sedan powered by liquefied petroleum gas next year to India.
The Korean car giant, Hyundai is also the second-largest automaker in India, where compact cars dominate most markets. Domestic manufacturer, Tata Motors is rated as the third-biggest car maker in India. Maruti Suzuki Ltd., in which Japan's Suzuki Motor Corp. owns more than 50 percent shares, tops the charts in India.