‘Hyundai Leasing’ will offer all of the company’s entire model line-up for leasing with no upfront and maintenance costs, HMIL said in a statement. “The Indian automotive industry is at the cusp of transformation...

'Hyundai Leasing' will offer all of the company's entire model line-up for leasing with no upfront and maintenance costs, HMIL said in a statement.

The company had opened the pre-launch bookings for the model on May 2. “The Day-1 response is a record booking for an SUV, with an average of 84 Venue cars every hour,” Hyundai Motor India Ltd (HMIL) National Sales Head Vikas Jain said in a statement.

Hyundai is developing the vehicles under its “Smart EV" platform. These “special purpose vehicles" will be designed and developed specifically for ride-hailing applications, they added.

Calling it India’s first “connected” SUV, Hyundai hopes to sell 10,000 units of the Venue every month.

The automaker, which is present in India through its wholly-owned subsidiary Hyundai Motor India Ltd (HMIL), said it is also looking for further clarity in Government policy to drive in hybrid models in the country.

The company will face stiff competition in the sub-4 metre compact SUV segment from the likes of Maruti Suzuki Vitara Brezza, Tata Motors Nexon, Mahindra XUV300 and Honda WR-V.

The agreement will come into retrospective effect from April 2018. As per the agreement, technicians will receive 55% of the increased salary in the first year, 25% in the second year and 20% in the third year.