Hyundai Motor India, the largest car exporter and the second largest car manufacturer in India is planning to invest Rs 3,000 – Rs 4,000 crore with the aim of developing new auto products for the Indian car market.
The carmaker has rolled out its 50,00,000th car in India from its Chennai production plant in the month of October 2013. The Korean automaker is ramping up competition with Maruti Suzuki, the largest car maker in India with new products in the small car segment and the compact car segment. It also plans to introduce a sub-4 meter sedan, a sports utility vehicle and a multi-purpose vehicle by the year 2016 with the aim of increasing its market share.
According to Mr. Bo Shin Seo MD Hyundai Motor India, the automaker is planning to invest Rs 3,000 – Rs 4,000 crore to develop these new products. While the market conditions are at a low, the market is expected to witness revival, stated Mr. Seo.