Hyundai Motor Co. (005380), poised to earn the most profit among Asian carmakers this year, will step up its campaign to weaken Suzuki Motor Corp.’s loosening grip on India’s automobile market with a new hatchback.
The Seoul-based company today introduced the Eon, its cheapest model in India so far, with a price starting from 269,999 rupees ($5,496). Maruti Suzuki India Ltd. (MSIL), which sells the nation’s best-selling Alto car starting from 235,413 rupees, unveiled a version of the model with features including leather seats and an upgraded audio system today.
Hyundai, led by Chairman Chung Mong-Koo, has gained market share worldwide from Toyota Motor Corp. and Honda Motor Co. as Japanese carmakers reel from a strong yen and disruptions stemming from the record earthquake that devastated the country in March. The move raises the pressure on Maruti Suzuki, which has seen its share of Asia’s third-largest car market drop amid mounting competition and a labor strike that’s hobbled output.
Hyundai expects to sell 140,000 to 150,000 Eon cars a year, Arvind Saxena, Hyundai’s India director for sales and marketing, said at a press conference in New Delhi today.
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