Hyundai exec reveals ‘ultra-cheap’ model in the works

It’s no secret that Hyundai has set an ambitious goal for itself to be one of the world’s top five automakers by the end of the decade. To reach its objective, the South Korean carmaker will tackle its rivals on two fronts. By launching a new line of premium RWD vehicles with V8 engines as well as an ultra-budget vehicle for emerging markets.

One of Hyundai’s top executives revealed to Antara News reporters that the low-cost model is in development and is aimed at rivals such as Renault’s Logan. "Development is under way to produce an ultra-cheap car," said Hyundai Vice Chairman Kim Dong-jin at a recent event in Seoul. "Foreign rivals such as Renault are developing a low-cost model priced below US$10,000", referring to the Logan, a car Hyundai’s hopes to beat.

Hyundai is also rumored to be readying a new premium line to rival brands like Lexus and Infiniti. Analysts believe Hyundai would benefit greatly from selling lower volume high-end models because inventory levels are rising due to a strengthening Korean currency.