(Right to left): Arvind Saxena, director, marketing and sales HMI, SS Yang, president and CEO, Hyundai Motor Company, HW Park, MD and CEO, HMI and YK Koo, senior director, HMIL at the New Delhi media launch the redesigned 'Fluidic' Verna
Hyundai Motors India (HMI) is working on an all-new small car for India codenamed ‘HA’ with an 800cc petrol engine, expected to go on sale early next year.
“We are working on model below the current Santro mainstay which likely will be launched in early 2012,” a top Hyundai source told just-auto on the sidelines of the redesigned Verna media launch.
The company has launched the new Verna – called Accent in some markets - into India's mid size segment, estimated to be good for 150,000 units annually.
The Indian range offers four 1.4- and 1.6-litre petrol and diesel engines, with optional four-speed automatic transmission for both 1.6s, plus a choice of four trim/equipment levels including first-in-class six airbags, MP3-capable audio and automatic climate control with cooled glovebox.
And it wants a healthy slice of the segment. “We are targeting sales of 45,000 in the first year,” HMI sales and marketing director Arvind Saxena said.
The company has announced it will spend another US$90m in India, this time on a diesel engine factory planned to be operating by 2013.
It currently has capacity for 600,000 units annually in its two plants in India which is an 'export hub' also charged with supplying export markets such as the UK and Europe.
Hyundai India sold around 358,000 units in its domestic market alone in 2010 and plans 400,000 units in 2011. It is coy on disclosing export data but is known still to be the largest exporter of cars from India, ahead of Maruti which is a Suzuki and Nissan [rebranded Alto] exporter.
But: “We have opened two new plants in the Czech Republic and Russia and some of the exports hitherto shipped from India are nowmade by the new plants,” Hyundai Motor Company president SS Yang told just-auto.