Financial Daily from THE HINDU group of publications
Saturday, Apr 03, 2004
Financial Daily from THE HINDU group of publications Saturday, Apr 03, 2004 |
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Announcements Hyundai plans Elantra launch this month; to hike Accent prices Our Bureau
New Delhi , April 2 HYUNDAI Motor India Ltd (HMIL) on Friday said that it has plans to introduce its sedan, Elantra, by the end of this month and the compact car, Getz, in the second quarter of the current fiscal. "We will introduce the Elantra this month. The big volume model, Getz, will have to wait for our new capacity to come in, by around September,'' said Mr B.V.R. Subbu, President, HMIL. He also said that Hyundai plans to raise the prices of its cars, starting with the Accent later this month, in order to neutralise a three per cent cost increase in principally steel based components. he quantum of the price hike is also expected to be in this region. The Elantra would be introduced in both petrol and diesel versions and most likely with 1.8 litre and 2.0 litre engine options. The car is expected to be priced between the mid-sized Accent and the larger Sonata family sedan. "It will have a localisation content of 50 per cent by the end of this year," Mr Subbu said. Hyundai is currently in the process of ramping up its annual capacity to 250,000 vehicles from 150,000 to keep pace with growing domestic and exports sales. The company crossed the Rs 1,000-crore export mark and turnover of Rs 5,000 crore in the fiscal gone by.
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