Hyundai Motor India Ltd (HMIL) is planning to launch two new products to strengthen its position in becoming a modern premium brand. A modern premium brand is positioned in between the mass market and premium market.
The company has lined up four products to achieve this vision, of which two are already launched. Y K Koo, managing director and CEO, HMIL said that the products in the pipeline includes Tuscan, a SUV, which will be launched by October or November.
It will be positioned between Creta and Santa FE. The product will be priced between Rs 25 lakh and Rs 30 lakh. The sub-4 metre SUV is expected to be launched in the next two years. HMIL has launched its sixth generation Elantra, a modern sedan recently and Santa Fe, which was launched few years before.
"We are targeting market leadership with 30-35 per cent market share in the Elantra segment," said Koo. Market size of this segment is around 1,000 units a month. The company, which has been present in this segment, for over four years had a market share of around 15-20 per cent.
Rakesh Srivastava, senior vice president, marketing and sales, HMIL added that the company will achieve a milestone of 500,000 units sales in the domestic market this year.