NEW DELHI: The market for mini sedans is becoming more competitive with
Hyundai on Wednesday driving in the
Xcent sedan with an entry price of Rs 4.66 lakh (ex-showrooom Delhi) for the petrol version. The model, which is based on the company's Grand i10 hatchback, will also come in a diesel version, which will be available at an entry price of Rs 5.56 lakh.
The mini sedan segment, typically consisting of cars under 4 meters in length and petrol engine under 1,200cc and diesel below 1,500cc (due to duty benefits), has been booming despite a slump in the overall car market. The lower duty on the cars enables companies to price them attractively, making them affordable for aspirational middle-class buyers.
Rakesh Srivastava, head of sales and marketing at Hyundai India, said the entry sedan accounted for almost 24,000 units monthly and had grown at 28% last year. " It is one of the fastest-growing segment in the Indian car market, and has seen growth despite the sluggishness in the overall demand," Srivastava said.
Hyundai has decided to go aggressive on the model and is expecting incremental volumes. Maruti's Dzire dominates the segment, followed by Honda's newly-launched Amaze.
The segment is expected to see further launches as Ford plans to drive in the Fiesta sedan and Tata the Zest. Other companies are also eyeing the segment aggressively. The Xcent has a 1.2-litre petrol engine and a 1.1-litre diesel engine.
"Developed with the best of Hyundai Motor's world class technologies, Xcent will create a new benchmark in terms of quality, design, space, features and driving pleasure in the compact sedan segment. We have invested extensive effort in competitively pricing Xcent to offer excellent value," said B S Seo, managing director and chief executive officer (CEO), Hyundai India.
The company is hoping for a positive sales growth this year after witnessing an overall decline of 1.2% at 6.3 lakh units in 2013.
Hyundai has a total production capacity of 675,000 units a nnually at present and aims to utilize it fully. While the company is focusing on the Indian market, it also plans to export the Xcent in due course of time. This model is among the four new models that the company plans to launch in the next two years, including a compact sports utility vehicle (SUV), to enhance its position in the market.
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