Announcing its plans to foray into one of the fastest growing segments in the Indian car market, Hyundai Motor India today unveiled its compact sedan Xcent. With Xcent, slated for a market launch in March, the company is hoping for positive sales growth this year after witnessing an overall decline of 1.2 per cent at 6.33 lakh units in 2013.
“The Xcent is a world-class product developed for the Indian market. It symbolises Hyundai’s commitment to Indian customers by offering high quality,” said Hyundai Motor India Ltd (HMIL) Managing Director and CEO BS Seo.
Xcent will be available in two engine options: petrol and diesel. But the price is yet to be announced. The new car would be competing with the likes of Maruti Suzuki Dzire, Honda Amaze along with Tata Motors’ upcoming Zest. This is the sedan version based on the same platform as the compact car Grand i10, which HMIL launched in September last year. “With the Xcent, we are entering one of the fastest growing segments in the Indian car market. Last year, the compact sedan segment grew by 39 per cent at about 24,000 units a month. We want to be a significant player in this segment,” said HMIL Senior Vice President Rakesh Srivastava.
With Xcent, the company will complete its portfolio in the sedan segment, from entry level sub-four metre to the premium executive. “This year we believe we will have a positive growth. The new model will play its part and we will also grow in the compact car segment as our Grand i10 is also doing well, clocking about 10,000 units a month,” Srivastava said. He said the company has a total production capacity of 6.75 lakh units annually at present and the aim would be to utilise it fully.
When asked if the company would make fresh investments for adding capacity on a new plant, he said: “We would like to watch the market this year before we decide. We have sufficient capacity and eventually export the car was well. But our primary focus is the Indian market.”
This new model is among the four new models that the company plans to launch in the next two years, including a compact sports utility vehicle (SUV), to enhance its position in the market. On Monday, Tata Motors and Ford also unveiled compact sedans Zest and Figo Concept respectively to cater to these segment.