Initially, the brand plans to focus on the television segment by launching TVs from 24 inches to 65 inches at prices cheaper than the traditional South Korean brands.
Hyundai Electronics is targeting to garner Rs 575 crore in revenue in FY20 from the consumer durables segment in the country by offering a series of home appliances including smart LED televisions, air conditioners, washing machines and refrigerators.
Hyundai Electronics is an extended arm of Hyundai Corporation, the South Korean multinational headquartered in Seoul. Hyundai TVs are already available from past few years in the country.
Last month, the brand announced that it will start selling other consumer home appliances, such as air-conditioners, washing machines and refrigerators, as well.
Hyundai Electronics’ products will come equipped with technologies like artificial intelligence (AI) and machine learning features across segments.
All their LED television will be AI-enabled, Akshay Dhoot, CEO of Hyundai Electronics told Moneycontrol.
The company’s sales strategy
Dhoot also revealed to Moneycontrol that their target segment will be middle income and high-income customers.
In Mumbai, the company will sell their products through 250 retail outlets.
Initially, the brand plans to focus on the television segment by launching TVs from 24 inches to 65 inches at prices cheaper than the traditional South Korean brands.
In the washing machines segment, the company is looking to capture the market with both semi-automatic and fully automatic products.
However, Hyundai Electronics will not enter into the business of manufacturing these products. The company will have partnership with specific firms for product manufacturing in India, Dhoot informed the daily.
He said that, for each product, there will a tie-up with an entity for production purposes.
In future, the company plans to include personal care (hair dryer, shavers etc) and kitchen appliances like wine chillers and juicers in its product portfolio.
Dhoot said they plan to enter these categories by the end of December 2019.
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