New Delhi, Oct. 27 -- Hyundai Motor India Ltd on Monday launched the Bayon, its first new car in three years, as it seeks to build on the success of its best-selling Creta and increase annual mid-size sport utility vehicle (SUV) sales from about 170,000 to 250,000 units over 12 months. The Korean carmaker is looking to narrow the gap with Tata Motors Passenger Vehicles Ltd and Mahindra & Mahindra Ltd, which overtook it in India's passenger vehicle market. The Gurugram-based company plans to introduce seven new nameplates in India by 2030, with the Bayon marking the first step in that push. The new SUV will compete with the likes of the Tata Sierra, Maruti Suzuki Victoris, Grand Vitara and Renault Duster in the increasingly crowded mid-size SUV segment, which broadly covers five-seater SUVs measuring 4.2-4.5 metres. The mid-size SUV space has become one of the most fiercely contested parts of the market as automakers seek to capture buyers moving away from hatchbacks and sedans to larger SUVs. Hyundai is betting that the Bayon will complement the Creta rather than simply compete with it, allowing the company to expand its presence in the segment even if the new model eats into the Creta's market share. Tarun Garg, managing director and chief executive officer of Hyundai Motor India, told reporters ahead of the launch that the company sees enough room for both SUVs as new customer segments emerge. "We are very confident and very aggressive about our mid SUV strategy," Garg said. "Along with Creta and Bayon we are looking at a volume of over 250,000 per annum going forward." Garg said the Creta had performed better than expected since its launch a decade ago, adding that the Bayon would help Hyundai cater to strong demand for mid-size SUVs. The company is positioning the Bayon differently from the Creta to limit cannibalization. While the Creta has built a strong following around its badge and status, Hyundai sees the Bayon as a more technology-led product aimed at customers who adopt new technologies faster. "This is a trend catalyst product," Virat Khullar, head of marketing at Hyundai Motor India, said, referring to the Bayon. "We are looking at very different target groups."...