The Managing Director and CEO of Hyundai Motors India limited Mr. HS Lheem said, “The car is expected to launch in 2012. We expect to develop the car over four year time and launch it in Indian car market first.”
The car is currently being developed at Hyundai’s development center in Korea.
In response to a question on price hike, Mr. Lheem said, “the rising input cost is already adding pressure on the company’s production costs, a price hike is on the cards and the company is likely to decide it next month.”
Hyundai continue to add innovative technologies to its existing cars. The company will introduce the LPG run Santro, CNG or LPG fuel engines on Accent and i20. The company has a target of 2.12 lakh units for export to its overseas market. Presently, it is exporting four models – i10, Santro, Getz and Accent to 95 countries.
As part of its plans to expand distribution network, the company has opened a new regional office at Chandigarh, which will cater to neighboring regions of Jammu Kashmir, Himachal Pradesh, Punjab and Haryana.