South Korean carmaker Hyundai Motor Co (005380.KS) plans to produce a new model in India priced as low as $5,000 and targeting emerging countries, Japanese business daily Nikkei reported.
Lheem Heung-soo, chief executive of Hyundai Motor India Ltd, told Nikkei in an interview the 800cc car, to be manufactured at its Chennai factory, would retail for $5,000-$6,000, adding the vehicle's debut was several years away.
In addition to the rollout in India, where Hyundai is ranked No. 2, the model will be shipped to other emerging countries, the paper said.
A Hyundai spokeswoman in Seoul said the company was developing a small-size model in India but declined to give details such as the likely price or timing of sale. (Reporting by Rhee So-eui; Editing by Dan Lalor)