Hyundai eyes 20% growth this festive season

Hyundai Motor India is eyeing 20% growth in sales during the festive season this year as against the same period of the last fiscal.

"We expect that this year's festival season is going to be better than last few years as there is latent demand in the market," Hyundai Motor India Ltd (HMIL) Senior Vice President Marketing and Sales, Rakesh Srivastava told PTI.

The domestic passenger vehicle industry is expected to grow in the range of 15 to 17% during the festive season, he added.

"At Hyundai, we expect to grow better than the industry at around 20% as compared to last year," Srivastava said.

Lower fuel prices, coming down of interest rates and positive consumer sentiment is expected to fuel growth, he added.

When asked about the company's plans to enter hybrid segment, Srivastava said, "Hyundai is a global company with large product portfolio which also includes hybrid vehicles. We will initiate in this category as market develops."

Rival Maruti Suzuki India had yesterday launched its mid-sized sedan Ciaz with mild hybrid technology.