MUMBAI, Apr 18: Hyundai Motor India is eyeing a leadership position in the compact SUV segment in the country with its upcoming model Venue, a top company official said.
The company will face stiff competition in the sub-4 metre compact SUV segment from the likes of Maruti Suzuki Vitara Brezza, Tata Motors Nexon, Mahindra XUV300 and Honda WR-V.
These models are priced between Rs 6.48 lakh and Rs 11.99 lakh.
Currently, Vitara Brezza leads the pack with sales of between 13,000-14,000 units per month.
“We are looking at market leadership position in the compact SUV segment with Venue,” Hyundai Motor India MD and CEO S S Kim told PTI.
The company wants to be the market leader, but at the same time also provide value to the customers, he added.
Kim said Venue has an edge over Vitara Brezza as it comes with both petrol and diesel powertrains.
Maruti currently sells only a diesel powered version of Vitara Brezza. Even with that, it has remained on the top of sales charts in the sub-compact SUV segment.
HMIL Senior General Manager Marketing Puneet Anand said Venue, along with Creta, would help the company take top position in the entire SUV segment.
“With Venue, we are looking at leadership in the overall SUV segment; and not only the compact SUV vertical,” he said.
The compact SUV segment roughly witnesses sales of around 25,000-26,000 per month; and with Venue coming in, it is further going to expand, he added.
“The way we are seeing growth and the way we are witnessing aspirations of millennials, we are confident that it will further consolidate the market and the growth will be phenomenal,” Anand said.
“We are looking at an SUV portfolio of around 19,000 to 20,000 (Creta and Venue) and and if we look at the competition then we could be the largest supplier of SUVs in the country,” he added.
He further said, in the long term, the company is looking at a leadership position in the SUV segment, which is the most growing segment currently.
Venue, which will be launched in India on May 21, will come with 1 litre turbo and 1.2 litre petrol powertrains besides 1.4 litre diesel engine and sit below Creta in terms of price and positioning. (PTI)