Hyundai Motor India Ltd (HMIL), which is celebrating 20 years of operations in India, plans to grow its presence in the SUV segment due to a growing acceptance of such vehicles among the customers.
The company, the second-largest passenger vehicle brand in the country, will introduce variants powered by new automatic manual transmission (AMT) technology and a sub-4 metre compact SUV, according to Y K Koo, Managing Director & CEO, HMIL.
“Share of compact SUVs continues to grow in the overall UV market, and it accounts for about 60 per cent of the total UV sales. This segment will record higher growth than other categories due to changing buyer preferences,” he added.
HMIL’s sales in the domestic market grew by 8 per cent at 1.62 lakh units during the first four months of this calendar year compared to last year. Its market share increased by 100 basis points to 16.9 per cent during the period.
HMIL has set a target to sell 6.65 lakh units in 2016 as against 6.43 lakh units in 2015. It aims to sell about 5 lakh units in India, and the rest will be exported.