New Delhi: In a bid to take on market leader Maruti, India's second largest car maker Hyundai Motor plans to introduce a compact car, which could have a 1.2 litre diesel engine.
The parent company already has a 1.2 litre diesel engine, which is being exported to the European market.
Hyundai will also set up a second engine and transmission plant in Chennai in two years, which could see an investment of about $600 million.
Hyundai will also set up an R&D center in Hyderabad with a headcount of 800. The company also wants to double capacity from the current 300,000 units by 2007.
"We want to increase our market share to 20 per cent this year and then take over Maruti soon in some years," MD and CEO at Hyundai Motor India says.
The company plans to introduce two models every year and increase its dealership network to 200 from the current 157 by the end of this year.
It will soon launch its 110 HP CDRI diesel engine mid-sized sedan Verna and also the diesel version of top end model Sonata Embera. Feasibility studies are on for a commercial vehicle launch and a third SUV launch.
India is already the biggest export base for Hyundai. The company wants to increase exports from the current 1 lakh units to 3 lakhs by 2008. The company has no plans as of now to fill in the President's post vacated by BVR Subbu.
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