Carmaker Hyundai Motor India Ltd (HMIL) today launched Eon , a new offering in the low compact segment, in the domestic market at an introductory price of Rs 2.69 lakh, and plans to sell nearly 1.5 lakh units in the next 12 months. The Eon, built on a completely new platform made for the Indian market, is priced between Rs 2.69 lakh and Rs 3.71 lakh at showrooms in Delhi. Hyundai s new offering is a full-fledged package with blend of style, comfort, utility & economy. Speaking at the launch of the much-awaited entry level car, HMIL MD & CEO W Park said, Eon has been specifically built keeping in mind varied Indian conditions and special requirements of our esteemed Indian customers. Mr Park said the Eon, Hyundai s smallest car, will further expand the company s market share in the fast-growing small car segment in the domestic market. When asked whether the company will export the Eon, Mr Park said, As of now, we will concentrate on India market...Later on, we will decide (to export). The Eon will be available with 0.8 L iRDE engine delivering 56PS at 5500 rpm of maximum power and 7.65Kgm at 4000 rpm of peak torque. The super-efficient 814cc petrol engine is mated to a 5-speed manual transmission and gives a mileage of 21.1 kmpl (ARAI figures), said HMIL vice president (marketing and sales) Arvind Saxena. Mr Saxena said the car goes on sale immediately and will be available in a range of 6 exciting new colours. He said the company targets to sell 1.4-1.5 lakh units annually in the domestic market. Eon will be manufacturing at the company s Chennai facility whose installed capacity is 6.7 lakh units per annum. Mr Saxena, however, ruled out the possibility of Eon cannibalising the share of Santro , Hyundai s one of the most popular and sold vehicle in the domestic market. We don t see any immediate pressure on Santro sales, he said, adding HMIL currently sells 6000-7000 units of Santro every month. On the development of the Eon , Mr Saxena said HMIL has invested Rs 900 crore, the lowest spend by the company s on its products as of now. He said HMIL has no plans to bring diesel variant of the vehicle. As far as alternative fuel is concerned, the company will consider it at an opportune time, he added. Mr Saxena also indicated to increase the prices of vehicles. There is a pressure...the market is very tough...At an opportune time, we will pass it on to the custmer. To support its growth and expansion plans, HMIL has a 332 strong dealer network and 709 service points across India. The company markets eight passenger car models across segments. The A2 segment has the Eon, Santro, i10 and the i20, the A3 includes the Accent and the Verna, the A5 segment includes the Sonata Transform and the Santa Fe is in the SUV segment. Currently, HMIL exports cars to more than 115 countries across EU, Africa, West Asia, Latin America and Asia Pacific.