Korean car-maker Hyundai had a dream run in 2015 in terms of sales, with the stellar success of the Creta SUV. Hyundai Motor India Limited (HMIL) is expecting the biggest-ever sales in India in this year. Beyond a doubt, India has become one of the hotbeds for Hyundai cars.
The company is planning to capitalise on the momentum, and will launch at least one new product every year till the end of the current decade. HMIL is reportedly allotting an investment of Rs 1,000 crore for every new product. It currently holds 17.2% of the market share in the passenger car segment. This is expected to grow 1% every year, YK Koo, Managing Director and CEO of Hyundai Motors India told The Hindu BusinessLine.
Koo also confirmed that there are no plans to bring back the Santro hatchback in India. Santro was one of the first cars Hyundai launched in its initial stage in India in 1998. It was a runway success for the South Korean car-maker, and later became the Santro Xing. Hyundai shelved the production in 2014 after 16 years. The brand is one of the longest-running models in the country. Hyundai launched i10 as a successor to the Santro in 2011. Both models were sold for 3-4 years.
For 2016, Hyundai is expected to launch the new Elantra in the second half of the year. The company is also planning to launch a new MPV, which is under works now.