New Delhi: Korean auto major Hyundai Motor Co on Thursday launched entry level compact car Eon that has been developed specifically for the Indian market, at an introductory price of between Rs 2.69 lakh and Rs 3.71 lakh (ex-showroom Delhi).
The company, which operates through wholly owned subsidiary Hyundai Motor India Ltd (HMIL), said the car has been designed and developed keeping Indian consumers in mind.
"Eon has been specifically built keeping in mind the varied Indian conditions and special requirements of the customers here. It will further expand our market share in the fast-growing small car segment in the Indian market," HMIL
Managing Director and CEO H W Park said.
The Eon, which will compete with Maruti Suzuki India's best selling model Alto, is powered by an 814 Cc petrol engine.
Alto is priced between Rs 2.32 lakh and Rs 3.17 lakh (ex-showroom Delhi) and is the bestselling car, averaging about 20,000 units a month.
HMIL has invested Rs 900 crore on the development and production facilities for the Eon.
HMIL Senior Director marketing and sales Arvind Saxena said the company has plans to produce up to 1,50,000 units of the Eon on a 12 month basis.
Asked about export plans, Park said: "Later on we may consider exporting the Eon to markets in South America and South Africa but the present focus is on the Indian market."