Hyundai Motor India on Monday forayed into the domestic sports-utility-vehicle market with the premium SUV model Terracan.

Priced at Rs 18,49,900 (ex-showroom Delhi), the vehicle has a 2.9 litre common rail direct injection (CRDi) diesel engine and would be imported as a fully built unit from HMIL's parent company in South Korea, its managing director J I Kim told a news conference in New Delhi.

The company plans to sell 500-700 units of the new SUV in the next one year, he said.

The Terracan has features like part-time 4-wheel drive to shift between 2-wheel and 4-wheel driving modes, fully automatic temperature control, power windows, electrically adjustable rear view mirrors, digital multimeter, anti-lock brakes and dual front airbags.

The domestic premium SUV market, which has been estimated at about 5,000 units a year, has witnessed a spate of new launches in the recent past like the Suzuki Grand Vitara, Honda CR-V, Mitsubishi Pajero and Chevrolet Forester.