The latest to join this bandwagon was Korean car maker Hyundai, which today launched the Grand i10, which will be positioned between the i10 and the i20, at a starting price of Rs 4.29 lakh (ex-showroom, Delhi).
The Grand i10 is available in two engine variants -- 1.1-litre diesel and 1.2-litre petrol.
While the petrol variant is priced from Rs 4.29 lakh to Rs 5.47 lakh, the diesel version is priced between Rs 5.23 lakh and Rs 6.41 lakh.
The petrol engine is the same Kappa engine that does duty on the i10, while the diesel engine has been derived from Hyundai's 1.4-litre CRDi motor. This 1.1-litre diesel will also make the Grand i10 the cheapest diesel offering.
"The Grand is a world class product developed for the Indian market... We expect Grand with its excellent value proposition and its unique features, will serve wide range of customers in India," Hyundai India managing director and chief executive B.S. Seo said.
The Grand i10 is Hyundai's fifth hatchback in the country, after the Eon, the Santro, the i10 and the i20, and Hyundai will hope to consolidate its hold in the small car market with this new launch.
Hyundai yesterday reported an 11.58 per cent increase in its total sales in August at 52,319 units as against 46,886 in the same month last year.
Domestic sales of the company stood at 28,311 units during the month, marginally up from 28,257 units in August 2012.
The launch of the Grand comes barely weeks after the Maruti Stingray, the Nissan Terrano and the Volkswagen Cross Polo were rolled out into the market.