After basking in great success with the Grand i10, Hyundai is all set to indulge in the production of luxury vehicles to cater to the upscale vehicle market of the country. Hyundai is already in the process of planning the launch of their premium luxury cars like the Genesis, the Veloster and the Equus in the Indian and also the sub continental market. Further reports are suggestive of the fact that the Korean automobile manufacturers might set up a sales network separately, for exclusively manufacturing these super luxury vehicles.
Hyundai’s plans to venture into the upscale vehicle segment are backed very well because earlier it had got a great response from the Indian market towards its other luxury cars, for example the Sonata and the Elantra. In addition, the face lifted Santa Fe which is slated to be released in 2014 has created quite a lot of buzz and is being eagerly anticipated by the Indian buyers. In spite of all this, the fact remains that in the current scenario, the Indian automobile market is dominated by the ‘Big 3’, that is the German trio of Mercedes Benz, BMW and Audi, and thus it will not be a bed of roses for the nation’s second biggest automobile makers. Although, when it comes to the luxury segment, nothing much can be left to prediction.
Another reason for Hyundai to venture into the luxury vehicle section is that this section is growing rapidly. According to reports demand will increase by 20 percent in this fiscal year.