India: Hyundai plans to roll out $3500 car by 2012

Hyundai announced on Friday that it plans to roll out a $3500 car in India by 2012.

"It will take at least 4 years to develop the car and we think we will be able to introduce this car by 2012 for Indian market," Hyundai Motor India Managing Director and CEO H.S. Lim told reporters here on Friday. He stated that it will not compete with the Tata Nano, which goes for 1 lakh rp. or $2500. The low priced car is in the process of evolution stage at its research and development centre in Korea, he said.

Lim also said the company would introduce several new models in 2008 for the Indian market including the LPG variants of Santro and Accent, a CNG Accent, and the long-awaited i20. Hyundai recently reported record profits in the country, with the i10 (pictured) making a major contribution.

[Source: The Hindu News]

Posted in: Hyundai