New Delhi, Aug. 23: The Indian arm of Korean auto major Hyundai expects to sell 5 lakh vehicles in the domestic market in 2016.

The country's biggest car exporter, which sold 4.75 lakh vehicles in 2015, is expecting to grow sales 6-7 per cent, said Y.K. Koo, CEO of Hyundai Motors India, at the launch of its latest variation of sedan Elantra.

He said the new vehicle would ensure a leadership position for Hyundai India in the executive sedan segment.

"The segment accounts for 1,000 units per month with six brands. We were earlier doing 250 units of Elantra. Now with the new version, we expect to sell 350 units a month," he said.

Elantra's starting price will be about Rs 13 lakh for the basic petrol variant and about Rs 15 lakh for the diesel variant (all prices ex-showroom, Delhi). While, the highest petrol model is priced at Rs 18 lakh, the top diesel variant will sell at about Rs 19 lakh. It has been launched in six colours.

This is part of Hyundai's strategy to launch two cars every year to expand in India. It has a 17 per cent market share in the passenger vehicle segment. However, the car maker has struggled to make inroads in the premium sedan segment.

"The sedan segment has declined at the rate of 33 per cent for the last six months," said senior VP (sales and marketing) Rakesh Srivastava.