India's second largest carmaker Hyundai Motor India on Monday launched the next generation of its premium hatchback i20 dubbed Elite i20 at ₹ 4.90-6.47 lakh for the petrol variants and ₹ 6.10-7.67 lakh for the diesel variants.
Hyundai is targeting a sales growth of at least 8% to 410,000 units this year on the back of the Elite i20, and the recently launched Grand i10 and Xcent.
The new car, christened Elite i20, comes a month after Volkswagen launched the new Polo and ahead of Honda's relaunch of the Jazz early next year. Built on a new platform, the company said it has spent ₹ 1,050 crore towards the development of the model. Besides the changes in the shape, the new car will have rear airconditioning vents although Hyundai has reduced the number of airbags for the top end variant from six to two.
"We have stopped exports to Europe to make capacity available for the domestic market," said Rakesh Srivastava, senior vice president, sales and marketing, Hyundai Motor India Ltd. "We will be happy if we are able to sell around 6,000 units of the Elite i20 every month."
Europe has been the biggest export market for Hyundai and the discontinuation of supplies would result in a 25% decline in its export volumes this year.