Hyundai Motor India (HMIL), the wholly-owned subsidiary of South Korean auto major Hyundai Motor Company, plans to roll out its low-cost car priced at around $3,500 in India.

The low-cost cars are presently in their evolution stage at its R&D centre in Seoul. It is supposed that the car will compete with the Tata’s people car christened Nano. However, the company is yet to take a final call on the production schedule.

Further, the company also plans to start the production of much awaited premium hatchback i20 by the end of this year at its upcoming facility at Chennai for sales in the overseas market. The premium small car will be a step above the popular i10.

The company will launch a diesel and an automatic variant of its flagship model i10 in the last quarter of the calendar year. It will also schedule to launch its globally successful sports utility vehicle, Santa Fe, later this year.

Recently, Hyundai has bagged the award of Indian Car of the Year - 2008 (ICOTY) for its i10 model.

The award had been instituted by automotive magazines including Business Standard Motoring, Autocar India, Auto India, Car India, Overdrive and Top Gear.