Hyundai to bring high-end cars Equus, New Genesis and Veloster to India

The Korean car major, Hyundai Motor Co is contemplating on entering the high-end car market of India, as it plans to launch its flagship sedan, Hyundai Equus, the New Genesis and the sports hatchback car, Veloster once it gets the board approval, Business Korea reported.

As the compact car market in India is becoming more intense, the average level of income is driving up the demand for luxury cars, noted the report. Currently, the Chennai-based Indian subsidiary, Hyundai Motor India Limited is selling both compact as well as sub-compact cars such as Eon, Accent, Verna, Sonata, and Santa Fe.
Changing strategy

The compact car market is becoming more tougher in the country, as most of the automakers are manufacturing and selling vehicles in this segment. Though, Hyundai is doing well with its range of compact and sub-compact cars, the vehicle manufacturer is now chaning its India business strategy, deciding this is the appropriate time for the Korean auto major to introduce a slew of high-end cars, since the premium car segment in India is showing signs of exponential growth, concurred the report.
Indian car market
Of late, the overall Indian car market is witnessing a slow growth due to market slowdown, poor sentiments amongst car buyers coupled with high interest rates levied by banks and fluctuating currency and burgeoning fuel prices. The only segment which is showing a ray of home is the luxury car market.

Quoting the Korean Automotive Research Institute, the report said that an estimated 37,000 compact cars were sold in India between January and November 2013, which was 60.3 percent lower than the year ago period. Similarly, the sales volume of sub-compact cars also dipped by 10.2 percent to 1.158 million cars. What is more, during the period under review, the luxury car segment logged a growth fo 1.4 percent year on year with the sales volume peaking in excess of 22,000 vehicles, the report pointed out.
Furthermore, the competition in the A and B segments is increasingly becoming cumbersom with time, too, the report said and added that under these circumstances, global automobile producers are shoring up these segments as the sluggish sale persists. For instance, the report said that the Japanese car maker, Nissan had recently announced its plans on manufacture and sales channels prior to the unveiling of its mid-market brand, Datsun.