Financial Daily from THE HINDU group of publications
Tuesday, Mar 16, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 16, 2004 |
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Corporate
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Outlook Getz, Elantra launch plans on track: Hyundai Our Bureau
Chennai , March 15 HYUNDAI Motor India says its expansion plans are on track as also plans to launch two cars during the year. The Elantra will be launched in the second quarter of this calendar year and the Getz in the third quarter. The company hopes to sell 1,000 units a month of the Elantra and 2,000 units a month of the Getz, according to Mr J.I. Kim, Managing Director, Hyundai Motor India Ltd. In an informal interaction with journalists here on Monday, he said that the Elantra would be brought here as completely knocked down kits to begin with and assembled at the company's plant at Irungattukottai, near here. The Elantra would have about 50 per cent local content for the first four or five months. It would compete with cars like Toyota Corolla and Chevrolet Optra. He said the Getz would have a local content of 85 per cent at the time of launch and would be manufactured here. It would be positioned in the upper end of the hatchback segment. The Getz was available in various engine options, including a 1.1 litre, 1.3 litre and a 1.5 litre engine. The company might settle for a 1.3 litre engine to begin with. Initially, the Getz would be available only in petrol engine version and depending on market demand, Hyundai Motor India would consider launching a diesel version. Earlier, Mr Kim inaugurated a Hyundai dealership - MPL Hyundai. This is the fifth Hyundai dealer in Chennai. According to Mr S. Ravindranathan, Managing Director, MPL group, the Hyundai showroom occupies 10,500 sq ft of space and can display 30 cars. The service facility has 50 bays. The MPL group has invested about Rs 70 lakh on the showroom and Rs 4.5 crore on the service facility. The MPL group has dealerships for Mahindra & Mahindra utility vehicles, Ford India and General Motors India.
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