A top company official said on Wednesday South Korean auto major Hyundai will launch in its first electric vehicle ‘Kona’ SUV into India in July, followed by a brand news ‘Grand i10’ before the jovial season as its share in the vehicle market.
Moreover, the carmaker which is present in India through its totally-owned subsidiary Hyundai Motor India Ltd (HMIL) is planning to begin exporting its newest compact SUV ‘Venue’ from its Chennai factory in the next 3-4 months.
"We are constantly adding new products in our portfolio for the Indian market. We will launch our electric SUV 'Kona' in India in July," HMIL Senior General Manager and Group Head (Marketing) Puneet Anand told PTI.
HMIL Senior General Manager and Group Head (Marketing), however, refused to share statement details of the suggested sports utility vehicle planned for India.
The first electric vehicle of Hyundai plans to introduce in a fully knock-down (CKD) form which would be manufactured at HMIL’s industrial plan in Chennai.
"After the electric vehicle, we will introduce a full model change variant of an existing small car. It is going to be the 'Grand i10' and it will hit the roads before the festival season this year," Anand said.
When asked about its newest compact SUV 'Venue', the firm has now received over 20,000 bookings and the waiting period of the car is around 3-4 months presently relying upon different options, the senior official said.
"We are currently producing around 7,000 units of the 'Venue' per month at our Chennai plant. We have the capability to ramp up production and we plan to increase the output to monthly 10,000 units within next 3-4 months," Anand explained.
On exports of the model, Anand said the firm's first goal is to achieve the requirement of the local market and does not have instant plans to sell overseas countries.
"After we stabilise the sales in India, we will start exporting the 'Venue' to our existing strong overseas markets. I do not think the export will begin before next 3-4 months," Anand said.
Talking about the stoppage in vehicle market, Anand said the fall in sales started from Kerala flood a year ago and is ongoing until now.
"We hope that with the launch of various new products by our company and other automakers, the market will revive. Also, a stable government coming to power at the Centre will help in this regard and the industry is likely to bounce back in the next 4-5 months," he added.
In April, Domestic passenger vehicle sales plunged by 17.07 percent, the sharpest drop since October 2011, as frail consumer sentiment led by liquidity crisis, uncertainty rotating elections and high product values hit sales.
The sales dropped for the sixth straight month in April to 2,47,541 units as versus 2,98,504 units in the year-ago month. It is the worst fall in PV sales since October 2011, when sales had tumbled by 19.87 percent. All major sectors, including two-wheelers and commercial cars, witnessed a drop in sales in April.