Korean auto major Hyundai Cars Company on Thursday launched entry-level compact car Eon that has been developed specifically for the Indian market, at an introductory price of between Rs. 2.69 lakh and Rs. 3.71 lakh (ex-showroom Delhi).
The company, which operates through wholly owned subsidiary Hyundai Motor India Ltd (HMIL), said the car has been designed and developed keeping Indian consumers in mind.
The Hyundai Eon, which will compete with Maruti Suzuki India's bestselling model Alto, is powered by a 814 Cc petrol engine.
Alto is priced between Rs. 2.32 lakh and Rs. 3.17 lakh (ex-showroom Delhi) and is the bestselling car, averaging about 20,000 units a month.
"Eon has been specifically built keeping in mind the varied Indian conditions and special requirements of the customers here. It will further expand our market share in the fast-growing small car segment in the Indian market," HMIL Managing Director and CEO H W Park said.
HMIL has invested Rs. 900 crore on the development and production facilities for the Eon.
HMIL Senior Director marketing and sales Arvind Saxena said the company has plans to produce up to 1,50,000 units of the Eon on a 12 month basis.
Asked about export plans, Park said: "Later on, we may consider exporting the Eon to markets in South America and South Africa but the present focus is on the Indian market."
Besides Hyundai, other car makers are also lining up new launches for a pie in the hottest (by volumes) segment. Tata Motors is developing a car sized between Nano and Indica. Volkswagen's 'Up' is also expected to debut in India by next year. And encouraged by the success of Figo, Ford is developing another car below Figo's price point.
Though auto sales have slowed down because of rising interest rates and petrol prices, sales of small cars are still robust, meaning small cars are still 'big' in India.
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The company, which operates through wholly owned subsidiary Hyundai Motor India Ltd (HMIL), said the car has been designed and developed keeping Indian consumers in mind.
The Hyundai Eon, which will compete with Maruti Suzuki India's bestselling model Alto, is powered by a 814 Cc petrol engine.
Alto is priced between Rs. 2.32 lakh and Rs. 3.17 lakh (ex-showroom Delhi) and is the bestselling car, averaging about 20,000 units a month.
"Eon has been specifically built keeping in mind the varied Indian conditions and special requirements of the customers here. It will further expand our market share in the fast-growing small car segment in the Indian market," HMIL Managing Director and CEO H W Park said.
HMIL has invested Rs. 900 crore on the development and production facilities for the Eon.
HMIL Senior Director marketing and sales Arvind Saxena said the company has plans to produce up to 1,50,000 units of the Eon on a 12 month basis.
Asked about export plans, Park said: "Later on, we may consider exporting the Eon to markets in South America and South Africa but the present focus is on the Indian market."
Besides Hyundai, other car makers are also lining up new launches for a pie in the hottest (by volumes) segment. Tata Motors is developing a car sized between Nano and Indica. Volkswagen's 'Up' is also expected to debut in India by next year. And encouraged by the success of Figo, Ford is developing another car below Figo's price point.
Though auto sales have slowed down because of rising interest rates and petrol prices, sales of small cars are still robust, meaning small cars are still 'big' in India.
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