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|17th August 2012, 09:41||#1|
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Hyundai to jump on the sub-10 lakh UV bandwagon
Not the one to be left behind, Hyundai has finally revealed their plans to develop a utility vehicle (UV).
It is unclear at this moment whether it will be an SUV or MPV, but the company confirmed that it will be positioned in the sub-10 lakh rupees segment.
The Santa Fe model is currently Hyundaiís only UV offering, but is priced at a premium of Rs 23.44 lakh upwards. Its portfolio is well distributed across segments, except for the UV segment. This is a potential setback considering the recent craze for compact UVs in India, with the likes of Maruti Ertiga and Renault Duster getting a great market response. The Ertiga has turned in decent numbers since its launch in April and high demand for its diesel variant has even forced Maruti to use extra engines to ramp up production in its Gurgaon plant. The Duster had a blockbuster launch last month with over 20,000 bookings up already.
Other upcoming UVs include the likes of Nissanís Evalia, Mahindraís compact Xylo, Fordís EcoSport and Chevroletís Enjoy.
It is not without a strong reason that all carmakers are queuing up products to compete in the UV segment. This segment has grown in a phenomenal way in the current fiscal. Between April and July, 2012, UV sales grew by 54% to 1.62lakh units and have even overtaken sedan sales! In the same period, passenger car sales grew by a mere 6% to 6.34lakh units. According to SIAM, the UV segment is expected to grow at a rate of 15-18% in the next five years.
Mahindra & Mahindra have dominated the UV category in India with models like the Bolero, Scorpio and XUV500.
Hyundai @ Auto Expo 2012 (Sneak peek into Hyundai's possible MUV option) (Hyundai @ Auto Expo 2012)
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