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  Business   Hyundai readies long-term plan for Number 1 slot

Hyundai readies long-term plan for Number 1 slot

PTI
Published : May 6, 2016, 11:57 pm IST
Updated : May 6, 2016, 11:57 pm IST

Having set a firm foothold in the Indian automobile market in the last two decades, Korean auto major Hyundai is challenging Maruti Suzuki for the “market leadership” for which it will launch ‘two new

Having set a firm foothold in the Indian automobile market in the last two decades, Korean auto major Hyundai is challenging Maruti Suzuki for the “market leadership” for which it will launch ‘two new advanced products every year’ in the country.

The company’s arm, Hyundai Motor India Ltd (HMIL), which celebrated its 20th foundation day on Friday, said that it will have a complete line up of products and have an offering in every segment as part of its vision for the next two decades.

The vision will be dedicated towards market leadership, becoming the most loved, trusted modern premium brand and great place to work, HMIL managing director Young Key Koo said here.

“We aim to gain market leadership through the introduction of two new advanced products every year. We will have a complete line up of products and have an offering in every segment,” he added.

In 2015-16, HMIL was the second largest passenger vehicle manufacturer in India selling a total of 4.83 lakh units as compared with market leader Maruti Suzuki’s 13.05 lakh units.

Mr Koo said the company’s R&D in India is playing a big role in developing products with innovative features which are high on safety and reliability, of high quality.

“Our R&D centre in Hyderabad is supporting our global R&D centre to develop these exclusive features for Indian conditions,” Mr Koo said.

Stressing on the need for network expansion in order to meet its goals for the next two decades, he said: “We will also have a wide network of sales and service, dealerships in urban and rural centres, to be close to customers.”

HMIL has 449 dealers and more than 1,150 service points across India.

Recollecting how Hyundai has grown in the last two decades, he said those 20 years have been significant for HMIL and for parent Hyundai Motor Co.

“HMC transformed itself from a Korean company to a global organisation. Our chairman had a vision, that for Hyundai to become a global automobile player, the world needed to “Make in India,” he said.

Beginning with just 20 cars in 1999, HMIL exported over 23 lakh cars till March 2016, making it India’s Number 1 automobile exporter. “In India, we sold nearly 42 lakh cars, making us number 2 in the Indian auto industry,” “Mr Koo added.