Hyundai India, the largest car exporter and the second largest car manufacturer in India, is considering venturing into the luxury car space in India. Since the car market in India is facing a slowdown and low economic activity, the carmaker is looking to introduce luxury car offerings from its international car portfolio to offset the slowdown in sales in the volume car segment in India.
The Korean car manufacturer is planning to launch its top luxury car models, the Equus and the Genesis sedan car models along with the Veloster compact sports car in India. The automaker is expected to set up a new and separate sales network for its luxury cars.
Commenting about Hyundai’s plans for the luxury car launches, a company official stated that the carmaker is currently studying the luxury car segment in India. He added that the carmaker would need a separate sales network to sell the luxury cars. Based on the customer acceptance in India of the luxury products from its range of cars, the automaker will take a decision whether to launch its luxury cars in India.
The decision to consider the luxury car market in India may be attributed to the fact that the slowdown in the Indian auto industry has had a lower effect on the luxury segment in comparison to the volume car segments.