As part of the plan, the company which sold 4.11 lakh units last year, on Wednesday launched the updated version of its mid-sized sedan Verna priced up to Rs 12.19 lakh (ex-showroom Delhi).
"Our aspiration is to achieve the 5 lakh sales mark in the domestic market. The updated Verna would definitely play a significant role in achieving this milestone," Hyundai Motor India Ltd (HMIL) Senior Vice President, sales and marketing, Rakesh Srivastava told reporters here.
When asked about the timeframe for achieving the sales milestone, Srivastava said: "We are looking to achieve this target soon."
In order to achieve the target, he said the company has lined up a slew of products for this year, including models in new segment.
It is expected that the company will launch cross-over version of its premium hatchback Elite i20, a compact sports utility vehicle, besides planning foray into the multi-purpose vehicle segment.
Srivastava said the domestic market remains priority for the company but at the same time it would like to retain 40 percent share of the car exports from the country. Last year, HMIL had sold 4.11 lakh units in the domestic market and exported 2.01 lakh units.
Its current production capacity stands at 6.8 lakh units which could be expanded to seven lakh units per annum. "Our focus is to cater to the domestic market first. The market is expected to grow now with the government taking various steps to accelerate economic growth along with factors such as cut in interest rates," Srivastava said.
When asked if the company would set up a fresh plant, he said: "We still have around 90,000 units excess capacity with us, which is enough to meet our aspiration of selling around 5 lakh units per annum in the domestic market."

The company, which is running at 99.8 percent of its capacity, isn't forthcoming on its future plans for a new plant in India.

"We are closely looking at it will depend on market situation," HMIL Managing Director and CEO BS Seo said. With focus on the domestic market, the company is bringing in new products, entering new segments and also refurbishing the existing portfolio, he added.
In order to free-up some of the capacity, the company has phased out some of the older models, including the entry level model Santro and premium sedan Sonata, Srivastava said. With the market sentiment improving the company is looking to grow in double digits in the current year, he said.

Commenting on the updated Verna, which is priced between Rs 7.74 lakh and Rs 12.19 lakh (ex-showroom Delhi), Srivastava said the model will further strengthen the company's line up in the sedan segment.

"The changes which we have brought in the new Verna will definitely help in making it a strong player in the mid-sized sedan segment," Srivastava said.
Since the launch of the model in 2006, the company has so far sold 2.78 lakh units in the Indian market. Hyundai has sold around 23 lakh units of the Verna globally till date.
The model, which competes with Honda City and Maruti Ciaz, will be available in both petrol and diesel options and have ten variants.
Beginning with a substantial share in the mid-sized sedan segment, Verna had started losing out to rivals. While Honda City sold 7,671 units and Maruti Ciaz 6,005 units in January, Verna clocked only 1,620 units.     

For the April-January period this fiscal, Honda City sold 61,102 units, while Maruti Ciaz, which was launched in October last year, sold 23,490 units till January. On the other hand, during the April-January period, Verna had sold 25,216 units.
City is available in a price range of Rs 7.53 lakh to Rs 11.53 lakh, while Ciaz is priced between Rs 7.21 lakh and Rs 10.37 lakh (all prices ex-showroom Delhi).