Hyundai unveils Getz, a premium hatchback

India's second largest passenger car manufacturer, Hyundai Motor India Ltd (HMIL), today launched Getz, its premium hatchback.

The car will be available in two variants, GL and GLS, priced at Rs 4.5 lakh (ex-showroom, Delhi) and Rs 4.75 lakh, respectively. HMIL president B V R Subbu said the Getz would take on General Motor's Corsa and Ford Ikon (1.3 Flair).

"Our research showed that 40 per cent of the buyers for Getz will come from the C segment and 60 per cent will be due to lateral movement within B segment itself," he said.

Talking about Getz's price, Subbu said that pricing a premium hatch-back at the price of a three box car was not a disadvantage. "The space within the Getz is more than the Esteem and Ikon," he said.

Subbu said HMIL was not looking at any big numbers for the Getz to start with.

He said, "When the A2 (assembly) line is expanded to 2000 units a month, then we will look at a 1000 Getz a month. This will happen in October this year. Until then, this line will be used to stock up Sonata, Viva and Elantra."

HMIL is investing $220 million to ramp up production capacity to 2.5 lakh units at its plant on the outskirts of Chennai, aims to sell 8,000 units of Getz this fiscal.

The Indian arm of the Korean firm aims to sell 2.2 lakh units this year while its export earnings is likely to be Rs 1,700 crore.

"We should sell 2.2 lakh units this year in spite of the three month production blip," Subbu said.

The company suffered production loss between April and June this year due to expansion exercise at its plant.

HMIL also aims to achieve 20-22 per cent rise in turnover this year from Rs 6000 crore last year. Keeping in view the growing demand, Subbu said the company might look at second phase of expansion by the beginning of next year.

HMIL is not planning a diesel version of the Getz. Subbu said, "I do not see that in foreseeable future. We have invested Rs 50 crore for the upgradation of the A2 line."

The Getz has close to 65 per cent local content, which will go up to 80 per cent in one year. Getz is produced only in India, outside Korea.