The Hindu : Business : Hyundai to target ‘B’ segment

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Saturday, Nov 03, 2007
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Hyundai to target ‘B’ segment

Special Correspondent

To improve local contents in volume products

CHENNAI: Hyundai Motor India Ltd. (HMIL) has said that it is working on “a public car” even while asserting that it has no plan to join the race with the Tatas, Nissan and the like to make a car with a price tag of Rs. 1 lakh.

Addressing a press conference here on Thursday, H. S. Lheem, Managing Director, said the “public car” or the “people’s car” that HMIL was contemplating would carter not only to India but also to countries like China.

Mr. Lheem, after launching the company’s latest car, i10, here on Thursday, said it would take four years for HMIL to come out with the “public car”. “The contents of the public car planned by HMIL and the Rs. 1 lakh car being planned by others will be different.”

The Managing Director also informed presspersons that the company would come out with a car for the ‘B’ segment. That would fructify within the next two years, he added.

Arvind Saxena, Vice-President (Sales and Marketing), said, “Both (Santro and i10) can co-exist.”

Mr. Lheem said HMIL would produce 5.3 lakh cars next year. At present, it is producing around 3.2 lakh cars and exporting 1.1 lakh units.

He said HMIL would export over 2.5 lakh cars next year. Expressing concern over the rise of rupee vis-À-vis dollar, Mr. Lheem said the company had asked the Centre to “give target plus scheme,” a euphemism for tax incentive.

Mr. Lheem said the company was working with the Tamil Nadu Government to get the ultra mega project tag for its capacity expansion plans. Asked if Hyundai would enter the LCV (light commercial vehicle) space, he said there was no immediate plan in this regard.

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