Hyundai to hike car prices by Rs5,000 to Rs20,000
17 Dec 2013
Hyundai Motor India Ltd (HMIL) will hike prices of all its products across models by up to Rs20,000, beginning January, to offset pressure of input costs caused by rupee depreciation and inflationary trends.
The quantum of price increase would vary from Rs5,000 to Rs20,000 across all models, the company stated in a release. The company sells a range of car models in India, which includes the popular Santro, i10, sedans Verna and Sonata, at prices varying from Rs2.89 lakh to Rs26.69 lakh (ex-showroom Delhi).
Commenting on the move, HMIL senior vice-president (sales and marketing) Rakesh Srivastava said, under adverse market conditions the company had faced continuous increases in input costs due to rupee depreciation and inflationary trends. This has made the price increase inevitable.
According to Srivastava, the company had been absorbing most of the costs but it would now be compelled to consider a price increase.
The price increase across all the models would come into effect in January 2014, according to the company.
A number of other players in the passenger car market, including Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Mercedes, BMW, Audi and Honda, have announced plans to hike prices of their products from next month citing similar reasons.
Hyundai has nine models on sale in India - Eon, Santro, i10, Grand i10 and i20 hatchbacks, Verna, Elantra and Sonata sedans and the Santa Fe SUV.