Hyundai Motors India plans to roll out the low cost $3500 car by 2012. “It will take four years to develop the car and we think we will be able to introduce the car by the year 2012 for the Indian Market”, Hyundai Motor India MD and CEO S Lheem told reporters.

The low cost Hyundai car will not compete with the Tata Nano. The car is in process of evaluation stage at its research and development center in Korea, he said. The company is also expected to raise prices of its car next month in the wake of higher input costs.

Hyundai will also launch several new models in the current year in the Indian market which includes LPG Santro, LPG and CNG Accent and the all new b+ segment car, the i20. The export growth has been robust and the company plans to export 2.12 lakh units this year. Currently Hyundai exports four cars from its stable namely i10, Santro, Getz and Accent. Its exports are spread in 95 countries around the world.