If the latest reports on the web are anything to go by, South Korean auto maker Hyundai is working on a new MPV, codenamed 'IP', which would challenge the current frontrunners in the segment like Honda Mobilio and Maruti Ertiga.

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A report in Auto Car India reveals that Hyundai has confirmed the new MPV and the model is currently in its initial stages of development. Although the details of the new Hyundai MPV are scanty at this point of time, the report adds that the MPV, codenamed 'IP', could borrow features from the new Creta SUV. The MPV is likely to be built on various platforms and could also take cues from Grand i10.

Going by the report, under the hood, Hyundai's MPV is likely to come with 1.4-litre petrol and diesel motors of Verna, which has the capacity to churn out 105bhp and 89bhp, respectively. The model could later get 1.6-litre diesel and petrol mils.

Meanwhile, Hyundai launched its new Creta in India with a price tag starting at Rs 8.59 lakh. Under the hood, Creta gets 1.6-litre VTVT petrol engine, which can churn out 123PS and 151Nm of torque, 1.6 litre CRDI diesel engine that is tuned to pump out 128PS of power and 260Nm of torque and 1.4 litre CRDI diesel motor.