Saturday, September 19, 2009

Hyundai to launch $5k car in India

Seoul: South Korean carmaker Hyundai Motor Co plans to produce a new model in India priced as low as $5,000 and targeting emerging countries, Japanese business daily Nikkei reported.

Lheem Heung-soo, chief executive of Hyundai Motor India Ltd, told Nikkei in an interview the 800cc car, to be manufactured at its Chennai factory, would retail for $5,000-$6,000, adding the vehicle's debut was several years away.

In addition to the roll-out in India, where Hyundai is ranked No. 2, the model will be shipped to other emerging countries, the paper said.

A Hyundai spokeswoman in Seoul said the company was developing a small-size model in India but declined to give details such as the likely price or timing of sale.

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