Hyundai Motor India, which launched an updated version of Verna on Wednesday, is targeting 5 lakh sales milestone in the domestic market in the near future. "Our aspiration is to achieve the 5 lakh sales mark in the domestic market. The updated Verna would definitely play a significant role in achieving this milestone," said Hyundai Motor India ltd (HMIl) Senior Vice President, sales and marketing, Rakesh Srivastava, adding, “we are looking to achieve this target soon.”
Priced between Rs7.74 lakh and Rs12.19 lakh (ex-showroom Delhi), the product will compete with the likes of Honday City and Maruti Ciaz. In order to achieve the target, he said the company has lined up a slew of products for this year, including models in new segment.
It is expected that the company will launch cross-over version of its premium hatchback Elite i20, a compact sports utility vehicle, besides planning foray into the multi-purpose vehicle segment.
Srivastava said the domestic market remains priority for the company but at the same time it would like to retain 40 per cent share of the car exports from the country. last year, HMIl had sold 4.11 lakh units in the domestic market and exported 2.01 lakh units. Its current production capacity stands at 6.8 lakh units which could be expanded to seven lakh units per annum.
"Our focus is to cater to the domestic market first. The market is expected to grow now with the Government taking various steps to accelerate economic growth along with factors such as cut in interest rates," Srivastava said.