Bangalore, Nov 1(UNI) Hyundai Motor India Limited, a subsidiary of Hyundai Motor Company, South Korea, Managing Director H S Lheem today announced that Indian operations will become the global hub for manufacturing its small cars which was poised to grow over 20 per cent in the next calendar year.
Addressing newsmen after unveiling company's new compact car i10 here, Mr Lheem said that the new car which has over 94 per cent of Indian element would be manufactured at its state-of-the-art Chennai plant in Tamil Nadu.
He said the new car i10, would be manufactured exclusively in India and would be exported to over 75 countries from next year.
Expressing confidence that the new small car from the Hyundai will redefine the compact car segment in the world which comes out with the packages of many features of high-end cars. "The price tag of the i10 was also affordable to Indian customers which also meets the international standards in terms of safety and emission" he said.
Mr Lheem announced an introductory price for the new car pegged between Rs 3.39 lakh and 3.99 lakh ex-Bangalore. The i10 will be sold in four trim options, the D, Lite, Era, Magna and the Auto.
"The i10 is certain to re-define the small car segment and set a new benchmark for this class of cars" he added.
Stating that Bangalore market plays a very significant role for Hyundai's market growth Mr Lheem said that the company was committed to produce best class quality cars for its customers. "The i10 is the first car from Hyundai which makes its world debut here in India which will be the sole production and export hub for the car" he said.
Describing the launch of i10 as heralding the second phase of operations for Hyundai Motor India in the country where it enjoys a market share of over 18 per cent and also poised to grow to 20 percent by next year Mr Lheem also informed that the i10 car has over 94 per cent of Indian Content and virtually it is a 'Total Indian Car' he said.
He said that Hyundai Motor India which started manufacture its new vehicle i10 has produced since October this year 1500 units and its number would grow to 15000 units by year end. "Already Hyundai India Motor has bagged order for i10 for over 9600 units and all from European countries" he said.
He said that last year at its Indian manufacture base over 3.2 lakh cars were produced in which over two third of the volume were sold domestically and company has set a target to produce over 5.3 lakh units next year and 50 per cent of it would be exported.