Hyundai Targets 1 Million Sales in India by 2021

Hyundai Motor Corp. say it will invest 50 billion rupees ($774 million) to boost annual sales by its operations in India to 1 million units by 2021.

The company intends to launch eight new locally assembled models during the period. Three will be in unspecified new market segments, and two hybrid variants per year between now and 2020.

Y.K. Koo, managing director of Hyundai Motors India, says the company also plans to import its Ioniq five-door hatchback with a choice of hybrid, plug-in hybrid or all-electric powertrain, beginning with the plug-in model in 2018. A compact SUV/crossover is expected in the first half of 2019.

Hyundai current controls 17% of the India passenger car segment. The company’s Indian operations sold 662,000 units, including exports, last year. This year’s sales target is 672,000 vehicles.