South Korean automaker Hyundai Motor India launched its new generation Grand i10 Nios on Tuesday. Nios, which means more, retains the 1.2-litre diesel engine of the current Grand i10.
“The All New Grand i10 NIOS is Made-in-India Made-for-the-World Product. The Indian Market is key and axis point of Hyundai’s global growth plan. The 3rd Generation All New GRAND i10 NIOS is our third consecutive launch in India of highly successful i10 Brand,” S.S. Kim, MD and CEO, Hyundai Motor India (HMI) said in a statement. The base model is priced ₹4.99 lakh and the top-end one ₹7.14 lakh.
Though the automobile sector in the country is going through one of its worst sales slump, Hyundai’s recent launches have done well. The company’s compact SUV, the Venue, which was launched in India in May, reported close to 50,000 bookings within two months.
It also recorded its highest-ever market share in July at 19.4%. HMI has commanded 16%-18% market share for the last few years. The automaker’s sales stood at 57,310 units in July this year—a 3.8% year-on-year (y-o-y) drop. India’s largest car maker Maruti Suzuki saw a 35% y-o-y drop in sales. Passenger cars reported a 35.95% drop in sales in July to 122,956 units, according to industry body Society of Indian Automobile Manufacturers (SIAM).
Experts say the sales slowdown has been caused by the transition from Bharat Stage (BS) IV to BS VI emission standards, fuel price volatility, and low consumer sentiment.
“This is a very challenging time for the market but with the new Grand i10 Nios, we are confident of meeting and exceeding the expectations of our customers. We want to become the brand of choice for Indian customers,” Kim added.
HMI is now gearing up for the launch of the second generation Creta in 2020.