Auto major Hyundai Motor India plans to launch 2-3 new models every year till 2020 as a part of its efforts to further consolidate its position in the country.
The company, which is the second largest car maker in India, eyes 1 per cent growth in its market share each year during the period.
Currently, the maker of various popular models like i20 and Creta, Hyundai has over 16 per cent market share in the overall passenger vehicle segment.
"In the last two years we have launched seven models. We plan to launch 2-3 new models, including full model changes, every year continuously till 2020," Hyundai Motor India MD & CEO BS Seo told PTI here.
The company is targeting one per cent increase in its market share every year for the next five years, he added.
As part of its long term strategy in the country, the company is also developing models like a multi purpose vehicle (MPV), a small SUV and full model changes for its sedans Elantra and Verna.
He however did not share launch details of the upcoming models.
Commenting on the company's strategy in lieu of rival Suzuki planning to launch over 15 new models in India by 2020, Seo said: "Hyundai is also watching the market very closely." Hyundai Motor India to launch 2-3 new models every year till 2020 | ET Auto