The article quotes Hyundai's vice chairman, Kim Dong-jin as saying that, "Development is under way to produce an ultra-cheap car." The aim is to match models with Renault, whose upcoming Logan is expected to be priced far below the $10,000 mark.
A budget car for expanding markets seems like a no-brainer, especially if developments and production costs are kept in check. Whether or not we'll see such a beast on this side of the ocean is another issue entirely.
[Source: Motor Authority]