Hyundai aims to sell 500,000 vehicles in India in the near future. To achieve this target, the company plans to launch several models and enter new segments.

It has just launched an updated Verna sedan priced up to INR1.219m (US$19,560).

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Sales and marketing chief Rakesh Srivastava said: “Our aspiration is to achieve the 500,000 sales mark in the domestic market. The updated Verna will definitely play a significant role in achieving this milestone.”

“We are looking to achieve this target soon.”

Hyundai is expected to enter the multipurpose vehicle segment, launch a compact sports utility and a crossover version of its Elite i20 to reach the target.

Despite India being a priority, the automaker intends to maintain its 40% share of the country’s export market. Exports reached 201,000 units and domestic sales 411,000 units in 2014.

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“Our focus is to cater to the domestic market first. The market is expected to grow now with the government taking various steps to accelerate economic growth along with factors such as cuts in interest rates,” Srivastava said.

When asked if Hyundai plans to construct a new plant in India, he said, “We still have around 90,000 units excess capacity with us which is enough to meet our aspiration of selling around 500,000 units per annum in the domestic market.”

At present, HMIL has an annual production capacity of 680,000 units, which can be increased to 700,000 units, The Economic Times said, citing PTI.

Meanwhile, HMIL managing director and CEO BS Seo said the company expects to record double digit growth in 2015.