Hyundai might launch a new small car next year

Incoming reports suggests that South Korean automaker Hyundai might roll out a new small car from their plant located at Chennai in 2007. However, this car is apparently being planned primarily for the export market of the company.

Hyundai officials were speaking at the launching of their fifth exclusive outlet in the Hyderabad city and they said that the company is eyeing a market share of 30% here as compared to 26% earlier.

Hyundai India is also aiming at selling 3,00,000 cars this financial year compared to sales of 2,52,851 units during 2005. They are the biggest challengers to the market leaders Maruti in India and faces new challenges in the coming months as both the companies are due to launch diesel versions of their popular models.

Heung Soo Lheem, managing director of Hyundai Motor India, said in a statement: “We are eyeing a market share of 20% this year as compared to around 18% last year. We are targeting sales of 3 lakh cars this year, of which 1 lakh will be exported.”

He added that the company would continue to sell current generation Accent along with the update model, which is a higher-end model that would compete with cars like Ford Fiesta and Honda City.