The car market is India and the target in question is the Tata Nano, currently the least expensive cars in the world. Apparently Hyundai wants to wrest that title from the Indian automaker. Per Auto Express:
The budget micro car has seen interest from Hyundai, who have said that while they don't want to compete with the Nano, the car "will expand the automotive market".
Additional scant details can be found at the original article. There is no news if Hyundai plans to export such a vehicle to the U.S. We hope there are no such plans, since it would prove confusing to U.S. shoppers.