Panaji, Nov 6: With the launch of its brand new state-of-the-art compact ''i10'' range of passenger cars today, Hyundai Motors India hopes to double its turnover and exports besides increasing its market share to 20 per cent as against 17 per cent now in the country.
Interacting with media persons after launching the ''intelligent'' high performance and comfort model car at a north Goa beach resort, Company President Ashok Jha said that he expects to double its production at its Sriperambadur-based plant in Tamil Nadu by next year to 6 lakh units per annum.
The Company is poised to export half of its production to almost 70 countries including some of the developed countries in Europe and Latin America besides South Africa.
The Company has invested Rs 4,000 crore at its plant's second unit to manufacture this intelligent range of cars, the trial production of which has already commenced. It will roll out 3 lakh ''i10'' model cars per annum, he said.
Hyundai India, a wholly owned subsidiary of South Korea-based Hyundai Motor Company, has become the largest exporter of its range of cars since its inception in 1998 when it rolled out ''Santro''.
The Company plans to export at least 2.65 lakh cars, and 3 lakhs from the year 2009 with the plant becoming fully operational by mid next year to manufacture the ''i10'' range of cars in addition to its other makes such as ''Santro Xing'', premium luxury ''Sonata Embera'' and the SUV ''Tucson''.
''With the demand for cars growing at about 15 per cent per annum, we expect our market share to grow to 20 per cent shortly as we cater to the compact car segment now,'' Mr Jha said.
The new compact car will be priced between Rs 3.39 lakh to Rs 4.78 lakh for different versions, he said, and added that 94 per cent of the components of the new car are indigenous.
Company Regional Manager Sunil Singh said that the new range of compact cars has created a new platform for excellence in driving with technology coming handy.
Enhanced power and fuel efficiency with below lower emissions and minimal noise vibrations and higher comfort are some of the features of the compact car, he said.
'Elegant outside and versatile inside,' the compact car boasts of high-end features usually found in luxury cars. Intelligent engine technology coupled with dynamic chassis design deliver sparkling performance and a supple precise ride, he said.
''Big on style, safety and security, yet small enough to fit any city street, the compact car is designed for independent thinkers with exciting lifestyles,'' Mr Singh added.