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Tuesday, Sep 26, 2006
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Business Daily from THE HINDU group of publications Tuesday, Sep 26, 2006 ePaper |
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Marketing - New Products & Services Hyundai rolls out mid-size sedan Verna Our Bureau
MIDSIZE FROM HYUNDAI: The Hyundai Motor India Managing Director, Mr H. S. Lheem (right), and the Vice-President, Sales and Marketing, Mr Arvind Saxena, at the launch of `Verna' in the Capital on Monday. Verna will be pitted against Honda City and Ford Fiesta. — Ramesh Sharma
New Delhi , Sept. 25 Hyundai Motor India Ltd on Monday announced the launch of the midsize car Verna, which will be pitted against the segment leader Honda City and the Ford Fiesta. Verna, along with the existing model Accent strengthens Hyundai's portfolio in the midsize car segment.
Midsize segment
"Verna is important for Hyundai's India plans as the midsize segment has been witnessing exciting times in the last few years," the HMIL Managing Director, Mr H.S. Lheem, said. He added that the new model, together with the Accent would make the company a dominant player in the midsize sedan market and already over 1,000 units of Verna have been dispatched to dealers. The Verna will be placed in the upper end of the segment priced between Rs 6.21 lakh and Rs 6.93 lakh for the petrol variant and at Rs 7.35 lakh for the diesel variant. "These prices are introductory... and we would be having a re-look at the prices soon," the HMIL Vice-President - Marketing and Sales, Mr Arvind Saxena, said.
Variants
While the three petrol variants will be powered by a 1.6 litre engine, the diesel Verna will have a 1.5 litre engine. Asked if the launch of Verna would impact the pricing of Accent, he said the company had no plans to reduce its price. On the company's overall sales target for the year, Mr Lheem said the company planned to sell about 3,00,000 units this year, up from 2,52,851 units sold last year. He also said that Hyundai would start exporting its hatchback model Getz by next year. Hyundai had earlier announced that it would spend $1.5 billion in India with its affiliates to expand facilities. While Hyundai will invest $911 million, its auto-parts makers will cover the rest of the amount. Apart from new models (including a new compact car), Hyundai will manufacture about 4,00,000 engines and transmissions at a new facility, adjacent to its current plant in Tamil Nadu. The new plant will begin operations in October 2007.
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