The companies will appoint an equal number of directors in the venture, which will be based in Boston and led by Karl Iagnemma as president.
Denso Corp, which makes powertrain and air-conditioning systems for cars, has laid off about 350 temporary workers at its Manesar plant.
The Grand i10 Nios undercuts the entry-level Maruti Suzuki Swift by almost Rs 14,000 and will sit below Elite i20 in Hyundai's India line-up.
Domestic PV sales also saw the biggest fall in nearly 19 years, slumping by 30.98 pc to 2,00,790 units.
Monthly passenger vehicle sales in June fell by the biggest margin in 18 years.
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