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Hyundai Plans to Launch New Products

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On: Tue, Jun 29, 2010 at 9:51AM | By: Sherry Christiansen

Hyundai Plans to Launch New Products

Hyundai Motor India, India's second largest automaker, has been known as a budget car of sorts; its lower price tag is definitely a big selling point. But, according to Hyundai, all that is about to change as the company plans to launch a new line of products. According to Chang-Hwan Han, Hyundai Motor senior vice president, America's regional division, "By launching these new models, our brand image in the U.S. will be enhanced. The purchasing pattern will be changed."

Hyundai has attempted to rival its three main competitors—all Japanese automakers including Toyota, Nissan, and Honda—and as far as sales are concerned, it looks as though the company may be well on its way. Hyundai sales are up by 26% from last year, and according to a recent report from India-Server.com., "The company is hoping to increase overall growth by 15-16% this year by launching some new products—one refurbished model and one new model every year.”

The Indian automaker plans to redesign the Verna Transform (currently selling approximately 2,000 Vernas each month). "Till date we have sold 82,000 Vernas since its launch in 2008. While the car's power train has been retained the exterior and interiors have been changed to give a sporty as well as luxurious look," Managing Director H.W. Park added.

Many new models are on the horizon, according to executives at a press event in Seoul, South Korea, including redesigns of the Elantra and Accent, a small Elantra-based sporty coupe, the Equus luxury sedan, as well as turbocharged and hybrid Sonata Sedans. Hyundai is also considering a Sonata wagon. Hyundai’s luxury sedan, Equus will be introduced in the fall of 2010 with a sticker price of $60,000. With prices that rival many Japanese made luxury products, can Hyundai really go toe-to-toe with automakers such as Toyota?

In a comparison between Hyundai Sonata and its contender Toyota Camry for 2011 models, price is equivalent, but the Camry LE model comes with many standard features that exceed the standard features in the GLS Sonata, such as automatic headlights and outside temperature display. Options such as the power moonroof and rear spoilers are available on the Camry, but not on the Sonata.

Although the GLS Sonata is a great looking vehicle, Hyundai will certainly have to step it up a notch when it comes to the redesign of future models if the company’s plan to increase sales by 15% (while at the same time, eradicate their market advantage of cheaper prices) will ever come to fruition.

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