Automobile major Hyundai is planning introduce cars developed exclusively from India. The Korean company aims to develop cars here from scratch. India is Hyundai's second largest market after China, which the company intends to strengthen.

Meanwhile, the company is set to unveil its Grand i10 compact car in September. With these goals, Hyundai seeks to develop cars for markets similar to India. Hyundai Motor India Ltd (HMIL) Chief Coordinator Shar Rukh Han told the Press Trust of India that their goal is to have a car fully developed in India.

“It won't happen in the next three to four years. It can happen after five years or more,” he added.

While Hyundai charts its long term path, the present market scenario isn't very encouraging. Second-hand car dealers are taking the best advantage of a slow down in the industry, with used cars more in demand now than new cars.

For the eight month so far, sales of new cars are still declining. A sluggish economy is one of the reasons for the slowdown. Aggressive demand for used cars was fueled by a wary and price conscious attitude primarily in tier-III cities.

Moreover, the government’s fuel pricing policy has boosted demand for diesel models. Pre-owned cars is a growing market.

(AW: Sruthi)