Hyundai India has planned several product launches for 2015 in order to reach a sales target of 500,000 units by 2016. The company has targeted sales growth of 14% in 2015 to 465,000 units.
The Economic Times said Hyundai plans to launch the redesigned Verna in February, an i20 crossover in April and a compact SUV, codenamed GCi, during the festival season.
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Hyundai Motor India CEO and MD Bo Shin Seo said, “We increased our market share in 2014 but we are not satisfied as yet. With the new Verna and a compact SUV coming in, we will look at increasing the market share further. The improving sentiment and probable cut in interest rate on the anvil, we are hoping for an even better year in 2015.”
Hyundai Motor India senior vice president, sales & marketing, Rakesh Srivasatava said: “With our compact SUV coming in, we will be looking at a fairly significant share in the space. In the first year, we would like to grab at least 5% share, which may help us increase our passenger vehicle market share by 1% in 2015.”
Additionally, the company plans to launch an MPV in 2016.
Gaurav Vangaal, senior analyst at IHS Automotive, said: “The target of half million sales for Hyundai is quite possible with new segment of affordable UVs opening up volumes for the company, but the sluggish sales of Xcent may offer a cause of concern.”
