Hyundai, the Korean automobile major, says it plans to launch two new products in the Indian market every year, with a minimum investment for each of around $100 million (Rs 650 crore).
It completes 20 years in the country this year and has a 17.1 per cent market share (second only to Maruti Suzuki in cars). Young Key Koo, managing director of Hyundai Motor India, says this is their third biggest market, after China and the US. To strengthen its position, the company is planning to launch two new products every year and the company is expecting to invest around $100 million at the minimum to develop each of these products. The firm also set a target to increase rural sales by five per cent from 15 per cent to 20 per cent. Taking the leadership position in the near future will be difficult for the Korean car marker, mainly due to constrains in manufacturing. The company can produce around seven lakh units, while Maruti’s capacity is more than double of this.