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Hyundai launches mobile phones in India
By siliconindia staff writer
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Tuesday, 02 November 2004, 20:30 IST
MUMBAI: Hyundai Mobile, a unit of South Korea's Hyundai Corp, said on Tuesday it would start selling mobile phones in India, joining the ranks of firms seeking a slice of the world's fastest-growing major mobile market.
Hyundai will sell a wide variety of phones imported from Korea, and may consider setting up a local production facility in the next three to four years, said Hyundai India Telecom Ltd managing director Vijay R. Singh.
"There is huge potential in the market, as India is quite unpenetrated," he said at a news conference. "We would also look at making India an export hub after we begin production."
The products will be priced at between Rs 3,590 and Rs 100,000 and the firm is targeting a base of 10 million users in India over the next five years.
Hyundai Mobile, which already sells phones in other Asian markets, parts of Latin America and West Asia, aims to have 30 per cent of the global mobile phone market in five years.
India has more than 43 million mobile users, and the number is widely expected to more than double next year. Only four in 100 people own a mobile phone in India, compared with more than 25 in 100 in China.