New Delhi : South Korean auto major Hyundai Motor Co is looking to almost double its sales from Indian operations to one million units by 2021 for which it will invest Rs 5,000 crore to bring in new models. The company, which operates in India through a wholly- owned subsidiary, plans to introduce eight models by 2020, including three models catering to new segments, and hybrids.
“In the next four years till 2020, we plan to invest Rs 5,000 crore to develop eight new products and out of them three models will be new segment products,” Hyundai Motor India Ltd MD & CEO YK Koo told reporters here.
The company plans to introduce two new models each year till 2020, including hybrid products, as part of the planned launches, he added, reports PTI.
When asked about the company’s sales expectations from its enhanced product portfolio by 2020, HMIL Director, Sales & Marketing, Rakesh Srivastava said: “We expect to sell one million units by 2021.” The company last year sold 5 lakh units in the domestic market, thereby registering a market share of 17 per cent in the passenger vehicle segment. It sold a total of 6.62 lakh units last year, which included exports. HMIL currently sells 10 models in the country. When asked about sales expectations for the current year, Koo said the company has set a target of selling 6.72 lakh units across domestic and international markets.
The company aims to maintain its present 17 per cent marketshare in India, he added.