Looking to beat slowdown blues, Hyundai Motor India on Tuesday launched its new compact car 'Grand i10' priced between Rs 4.29 lakh and Rs 6.41 lakh (ex showroom Delhi).
The company, which is the largest car exporter from the country, is also looking to cash in on the rupee depreciation and has set a target of over 8 per cent growth in exports this year. It will also launch 1-2 new models every year in the domestic market in the next 3-4 years.
"The Indian automobile market is going through a slowdown right now, but it is a temporary phase. India has got potential in the long run...we will continue to being new products and technology and we hope that the Grand i10 will bring excitement to the market," Hyundai Motor India Ltd (HMIL) Managing Director & CEO B S Seo told reporters here.
The Grand i10 comes in two engine variants -- 1.1 litre diesel and 1.2 litre petrol. While the petrol variant is priced between Rs 4.29 lakh and Rs 5.47 lakh, the diesel version is priced between Rs 5.23 lakh and Rs 6.41 lakh (ex Showroom Delhi).
With the launch of the Grand i10, HMIL has discontinued a variant of the existing i10 which is powered by a 1.2 litre petrol engine to avoid cannibalisation.
"The 'Grand' is a world class product developed for the Indian market...We expect 'Grand' with its excellent value proposition and its unique features, will serve wide range of customers in India," Seo added.
With the new 'Grand i10', the company is stepping up competition to market leader Maruti Suzuki India. The new Hyundai car would compete with the likes of Maruti Swift and Ford Figo, among others.
'Grand i10', that will be positioned between i20 and i10, has been modified by the Indian engineers to suit local market by incorporating features such as the rear AC vents and new rear window design, among others.
Commenting on the sales forecast for 2013, HMIL Senior Vice President and Division head (Marketing & Sales) Rakesh Srivastava said the company is looking improve on last year's numbers.
"Industry has been on a decline for the last nine months and we would like to hold on to our volumes. This year we are targeting a total of about 6.5 lakh units as compared to 6.35 lakh units last year," he added.
HMIL had reported a marginal increase in domestic sales at 28,311 units