Hyundai Motor India to hike prices by 2 per cent

New Delhi: Hyundai Motor India, the Indian subsidiary of Korean chaebol Hyundai Motor Co, and the largest exporter of passenger cars in India will hike its prices by about two per cent across its range of passenger vehicles.

HS Lheem, MD and CEO of Hyundai Motor, said, "We intend to hike prices in the coming months." HMIL sources 25 per cent of its steel from India and the rest from S Korea and Japan.

According to him the company was raising prices as prices of specialised steel and tyres had risen substantially over the past few quarters necessitating an imminent price hike.

Recently Maruti Suzuki raised prices of most of its models citing similar reasons.

Analysts say with car models becoming more expensive the downturn in the auto sector will only worsen.