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Hyundai Motor is preparing to take on global automakers in the super-low-cost car market. Citing a recent interview with Hyundai Motor India managing director and CEO Heung-soo Lheem, Indian media have reported that Hyundai is planning to launch a small car for India and neighboring markets by 2011 that will cost just US$3,500.
Lheem said Hyundai has "no immediate plan" to battle the Tata Nano, the world's cheapest car. But with a $3,500 price tag, it seems likely Hyundai will eventually have the Nano in its sights. India's Tata Motors stunned the global auto industry in January with the introduction of the Nano, priced at only $2,500.
Hyundai's super-low-cost car will cost nearly half the price of its existing cheapest model, the Santro, which sells for around W6 million (US$1=W1,017). Lheem said that Hyundai's Namyang Technology Research Center is currently developing the budget vehicle, which will be produced in India and exported to other countries.
According to a Hyundai executive, the development of the budget car has been focused on cutting design and production costs, but the final product will be "far superior" to the Nano in both quality and performance.
India is shaping up as a battleground for super-low-cost cars from the world's automakers. Renault-Nissan and Indian automaker Bajaj are working on a joint $2,500 car to be launched around 2011. Toyota, Volkswagen and GM are reportedly planning to produce their own budget vehicles in India, and Maruti, India's largest automaker, is also developing a W3 million car.
(englishnews@chosun.com )
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