Hyundai to launch $5k car in India

South Korean carmaker Hyundai Motor Co 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 roll-out 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.