Hyundai eyeing six million production mark in India

Hyundai has rolled out six new models in the past eighteen months, and with the launch of the new i20 Active, the company is aiming for a production milestone of six million units (60 lakh units) from its two Chennai plants in 2015. The company had previously crossed the five million units (50 lakh units) landmark in October 2013.

Speaking at the launch of the i20 Active, B S Seo, MD and CEO of HMIL, said: “The i20 Active will be a trendsetter model reflecting Hyundai’s modern premium brand direction, and will propel Hyundai’s growth in India. Designed with a vision of creating cutting-edge driving innovations and delivering outstanding comfort features, the i20 Active will appeal to young consumers in India.” The i20 Active is pitched by the company in the emerging crossover segment. which sells about 1,000 units per month but has a strong growth forecast. The i20 Active will also be exported to Latin America, Africa, Asia and Middle East.

Rakesh Srivastava, senior VP, sales and marketing, said that with about 1,03,960 bookings, the Elite i20 which was launched about seven months ago, had the fastest booking by any manufacturer. He added that Hyundai has wholesaled 70,019 vehicles with about 30,000 orders pending.

The company is also planning to increase the capacity of its production lines to accommodate the newly launched i20 Active. According to Srivastava, Hyundai is expecting a 50:50 demand for both the petrol and diesel variants. Srivastava also said that in 2014, Hyundai grew by eight percent when the industry grew only by about three percent. This year while the industry grows at seven-eight percent, Hyundai will grow at 13 percent, he added.

According to HMIL officials, the company’s market share has grown to 17.2 percent in the current calendar year from 16.2 percent last year. The company also plans to introduce new models around August-September this year, starting with the iX25 compact SUV.

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