Hyundai set to launch 3 models

Hyderabad: A day after announcing that they will stop exports to Europe, Hyundai Motor India Ltd (HMIL), India’s largest car exporter and second-largest car maker in India, plans to target a market share of 20 per cent this year by  concentrating on the domestic market with three new product launches in 2014.

Speaking on the sidelines of the launch of ‘Elite i20’ here on Tuesday, T. Sarangarajan, vice-president (production), HMIL, said, “With last few months being good and the market sentiment being positive, our target right now is to become the most loved brand in India with a market share of 20-30 per cent in the Indian car market.”

When questioned about the reason behind cutting exports to Europe, the official said, “Domestic (market) is our committment and not export. We want to serve our Indian customers better with full concentration. We are already exporting to 120 countries so far and for this fiscal our export target is between 1.9 to 2 lakh units.”

After a whopping 7.3 lakh unit sales of the previous i20 variant in 2013-14, the South Korea-headquartered company launched the third generation i20 (Elite i20), which is priced in the range of '4.98 lakhs to Rs 6.58 lakhs in the petrol and Rs 6.2 lakh to Rs 7.8 lakh in the diesel variant.