Actually the new i20 that we unveiled ta the 2018 auto expo, I think we have great response from customers, media also and we have the launched the new Verna which is the first and best of the segment, With three years warranty., 20 years ago in India, we launched the Santro, in September 1998. So we are offering 3+3 years warranty on all products because we are celebrating. So from February 1st we offer 3 years additional warranty along with the 3 years warranty already there.
Of course. It will be locally made. The automatic will be imported. Right now we have to import the 1.4 CVT engine and transmission. But unfortunately the prices are very expensive and the model contribution is only one percent. But when the model will be launched in May we can increase the model contribution.
Of course, In the next three years we are planning to introduce nine new products in Indian market. So out of nine, two facelifts, four full model change and two new segment product and one electric vehicle. 2019 is our target (for electric vehicle). So we are planning to launch AH2, which is contemporary family oriented product, in second half of this year before Diwali, with AMT and factory fitted CNG.
I think under pressure from the media people, the dealers and my colleagues to put the name Santro on AH2. But in the second half we will be making decision. Lots of people even politicians are asking us to name it Santro, because they have very good memory. Santro is a very powerful brand and iconic brand for Hyundai India. When it was launched in the Indian market it was the first turbo. And first multi point fuel injection and first euro two. And santro is a great product and has made big change in the Indian automotive market. Santro built the company. More than 15000 bookings and Rs 490 crore
The date is 2019. We are still in market survey to decide if we want electric or SUVs.
Genesis is beyond 2020.
We today displayed the Ioniq, the electric and the hybrid. But now the government is focused on electric vehicle and even the GST being 12 percent for electric cars compared to 43 per cent for hybrid vehicles, still we are waiting for the government for the eco-friendly product roadmap then accordingly once they announce, we have to review and do a feasibility study for electric vehicles and hybrid as well but we have the technology.
We work together. In everywhere, in every market in the world, Hyundai and Kia have always grown together with competition. India is not different. So we could have good fair competition.