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July 20, 2001
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Money > Business Headlines > Report July 20, 2001 |
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Hyundai mulls Santa Fe sports-utility launchBS Corporate Bureau Hyundai Motor India is considering the launch of a sports utility vehicle in India as part of its expansion plan. The company is looking at the viability of Santa Fe, the premium SUV from its portfolio, as its next offering, Hyundai officials said. The Santa Fe will be positioned in the wide gap existing between Tata Engineering's Safari, so far the lone offering in the SUV segment in India (priced between Rs 0.89-1.1 million), and Mitsubishi Pajero, which is currently being imported in completely built form (Rs 2.5-3.4 million), and could be priced in the range of Rs 1.8 million. The company is conducting a market feasibility study to assess the demand in the niche segment of SUVs. Following this, the company might undertake a feasibility study to decide on technical issues, including indigenisation level. The vehicle is likely to be launched in around 18 months. BVR Subbu, director, marketing and sales, Hyundai Motor India, said, "We are conducting a market feasibility study at the moment. The Santa Fe, which has been well received in the US, could be the right product for the discerning customers of SUVs in India. We might be able to launch the vehicle in one-and-a half year's time." However, Hyundai does not expect too much demand for SUVs in the country, and estimates the market size to be around 2,000 units per year. Meanwhile, the company on Thursday launched in Bombay Hyundai Sonata in two versions -- GLS and Gold -- with a price tag of Rs 120,200 and Rs 132,200, respectively. The company expects to sell 175 units of Sonata per month during the current fiscal. The company needs to sell around 4,000 units of Sonata to break even on the investments made on the project. Hyundai is hopeful of increasing the local content in Sonata to about 60 per cent from the current 40 per cent over the next few months. The company on Thursday sold its first Sonata in Bombay to film star Shah Rukh Khan, who is also the brand ambassador for Santro, the company's small car. Powered by YOU MAY ALSO WANT TO READ:
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