Following the footsteps of carmakers who have ultra-low budget models for emerging markets – the best example so far is Renault with the Renault/Dacia Logan – Hyundai wants to develop a new ultra-cheap car that will cost less than US$10,000.
On the other end of the pricerange, it is rumoured that Hyundai is developing a premium brand for it to sell it’s more high-end rear-wheel-drive V8 cars that are still under development. Hyundai will use a common rear wheel drive platform (presented as the Hyundai Genesis) for these luxury vehicles, and most will likely carry one of Hyundai’s Tau V8 engines.
It will be interesting to see how cheap Hyundai can go for it’s budget car, considering one of Hyundai’s main sales pitches are is it’s lower price already. It would also be equally interesting to see how the market will accept a premium Korean, as even now despite Lexus proving itself worthy of being an equal to BMW and Mercedes Benz, there are still many critics of Lexus.
Even in our local market, many are surprised that the Hyundai Azera is offered here, because it is sold at a price that no one would dream of paying for a Korean car.
I still remember something a friend of mine said, “I will never buy an LS460, because I know somewhere underneath all of that glam and gadgets is Camry DNA.”