Financial Daily from THE HINDU group of publications
Friday, Apr 16, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 16, 2004 |
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Announcements Marketing - New Products & Services Elantra steers Hyundai into the executive segment Our Bureau
Cine star Shahrukh Khan, Mr J. I. Kim, Managing Director, Hyundai Motors India Ltd, and Mr B.V.R. Subbu, President, at the launch of `Elantra" in the Capital on Thursday. — Kamal Narang
New Delhi , April 15 IN a bid to garner a sizeable market share in the fast-growing executive car segment, Hyundai Motor India on Thursday announced the launch of its sedan, Elantra. The car would compete with similar models from the stables of Toyota (Corolla) and General Motors (Chevrolet Optra). Mr J.I. Kim, Managing Director of Hyundai Motor India, said the 1.8-litre, petrol-engine version would be available at a starting price of Rs 8.69 lakh. The 2-litre diesel, CRDi engine is priced at Rs 10.49 lakh. Elantra is targeted at filling the gap between Accent and the high-end Sonata. According to Mr B.V.R. Subbu, President, Hyundai Motor India, the car would carry a 40 per cent localisation level by the end of the year. Hyundai plans to produce 8,000 units of the car in the first year and would share the assembly line with Sonata. The executive segment in which the Elantra is positioned is expected to grow 25 per cent this year. Elantra is equipped with safety features such as brake assist system, electronic break force distribution, traction control system and anti-lock braking system. Meanwhile, Mr Kim said the company was planning to commence exports of compact car Santro in the completely knocked down format to Pakistan by the end of the year. At present, Hyundai sells Santro's Zip Plus and Zip Drive variants in Pakistan but not the Santro Xing, which was launched in India recently. Hyundai has plans to jack up its capacity to 250,000 units by August this year. Accent on higher price
HYUNDAI Motor India on Thursday announced its intention to raise prices of its mid-size Accent by 3 per cent over the next few days. According to Mr J.I. Kim, Managing Director of Hyundai Motor India, the increase is due to the growing prices of steel, which have put pressure on margins. At present, the company sources 70 per cent of its steel requirements from Korea and the balance from Tata Steel. Mr Kim added that the company would like to increase local sourcing of steel as the logistics costs involved from imports are higher, and is in talks with local players, including Bhushan Steel. A decision on the price hike for Santro is expected to be taken by the end of the month.
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