Hyundai plans to launch $3,500 car in India by 2012

CHANDIGARH: Car maker Hyundai Motor India on Friday said it plans to roll out its low-cost car at $3,500 in India by 2012. "It will take at least 4 years to develop the car and we think we will be able to introduce this car by 2012 for Indian market," Hyundai Motor India Managing Director and CEO H S Lheem told reporters here today. However, he said that this car would not be competing against the Tata's Nano car. The low priced car is in the process of evolution stage at its research and development centre in Korea, he said. On being asked about raising prices of the cars due to rising input cost, he said the company was seriously considering to hike the prices, which is expected to be decided during next month. However, he refused to divulge any detail regarding the hike in the prices.
He said the company would introduce several new models during this year in Indian market which includes Santro LPG, Accent LPG and CNG and i20. On the export front, he said the company expects to export 2.12 lakh units during this year. The company is exporting four models in overseas markets which includes i10, Santro, Getz and Accent and its export is spread in 95 countries. The company today also announced the launch of its fifth regional office here which will cater to Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh and Haryana. In this region, the company was expecting to sell 33,000 units this year against 20,300 units sold last year