18/02/2009 Business Line
Hyundai Motor India has firmed up its plan to introduce a diesel variant of its premium compact car, the i-20, by the end of the year.
The company that already sells the diesel variant of the model for the European market is now considering offering a similar option to its domestic customers.
In the end of December when the company launched the model, it had said that it would consider the option based on market demand.
We will launch the i-20 diesel for the domestic market this year. But we are yet to finalise the engine size, said Mr Arvind Saxena, Senior Vice-President, Sales and Marketing, Hyundai Motor India Ltd, at the sidelines of a media interaction on the company partnering with Punjab National Bank for disbursing auto loans.
Duty benefit
The company sells the car equipped with a 1.2-litre petrol engine for the domestic market to avail itself of the excise duty benefit on compact cars.
It also sells the diesel variant for the European market with an engine size of 1.6 litres.
However, to gain from the lower excise duty on compact cars, it is likely to bring the car either in a 1.4-litre engine or in a 1.5-litre engine.
The company is already selling a higher number of units than expected.
Hyundai, which had aimed to sell 2,000 units of its i20 on an average on a monthly basis, received an order of 2,500 units last month. Of this, the company delivered 1,700 and the remaining will be sold in the current month.
Deals with banks
Commenting on the outlook for the industry, Mr Saxena said the market was expected to remain flat in the quarter.
However, to respond to the current scenario of reduced financing, it was tying up with more public sector banks. Punjab National Bank will offer Hyundai customers an interest rate of 11 and 11.50 per cent depending on the credit worthiness of its borrowers.
Early this month, the company also tied up with Syndicate Bank for a similar project
Hyundai Motor India has firmed up its plan to introduce a diesel variant of its premium compact car, the i-20, by the end of the year.
The company that already sells the diesel variant of the model for the European market is now considering offering a similar option to its domestic customers.
In the end of December when the company launched the model, it had said that it would consider the option based on market demand.
We will launch the i-20 diesel for the domestic market this year. But we are yet to finalise the engine size, said Mr Arvind Saxena, Senior Vice-President, Sales and Marketing, Hyundai Motor India Ltd, at the sidelines of a media interaction on the company partnering with Punjab National Bank for disbursing auto loans.
Duty benefit
The company sells the car equipped with a 1.2-litre petrol engine for the domestic market to avail itself of the excise duty benefit on compact cars.
It also sells the diesel variant for the European market with an engine size of 1.6 litres.
However, to gain from the lower excise duty on compact cars, it is likely to bring the car either in a 1.4-litre engine or in a 1.5-litre engine.
The company is already selling a higher number of units than expected.
Hyundai, which had aimed to sell 2,000 units of its i20 on an average on a monthly basis, received an order of 2,500 units last month. Of this, the company delivered 1,700 and the remaining will be sold in the current month.
Deals with banks
Commenting on the outlook for the industry, Mr Saxena said the market was expected to remain flat in the quarter.
However, to respond to the current scenario of reduced financing, it was tying up with more public sector banks. Punjab National Bank will offer Hyundai customers an interest rate of 11 and 11.50 per cent depending on the credit worthiness of its borrowers.
Early this month, the company also tied up with Syndicate Bank for a similar project
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