Hyundai to push drive into SUV segment

Auto major Hyundai Motor India is planning to put greater thrust on SUV segment with the launch of two products in this category this year.

'The next focus will be on sports utility vehicles. Two SUVs are lined up that will be modern with premium feel,'Senior VP and head of sales, Rakesh Srivastava, said here today on the sidelines of the launch of all-new 4S Fluidic Verna.

Without elaborating on details, he said that both could be into the compact utility vehicle segment.

SUVs account for 21 per cent of the industry with 2.5 million units and the numbers are growing, Srivastava said.

Hyundai was aiming double-digit growth in 2015 against single-digit volume expansion forecast for the overall passenger car segment during the year.

'With robust product lineup, we are targetting double-digit growth in 2015 along with increase in our marketshare by 1 per cent. In 2014 the company's marketshare was 16.3 per cent,' Srivastava said.

'Now, after surpassing four lakh units in domestic sales, we are looking at five lakh number shortly despite the biggest challnege before the industry is on growth,' he said.

In 2014, the passenger auto industry expanded by 3.2 per cent, with excise benefit over the year before.

According to reports, the company was targetting four new models within one year to boost sales.

Srivastava said, the company did not wait for Budget or policy guidance before product launch, which was done purely on internal strategy. However, the company doesn't have any immediate plan to increase manufacturing capacity.