India’s second largest car maker Hyundai Motors India has said that it is considering a price hike on its cars due to rising input costs.
“There will be something, but I cannot say when and how much... We are still evaluating it,” Hyundai Motor India Director (Marketing and Sales) Arvind Saxena said when asked if the company will increase the prices of its cars.
Last week Maruti Suzuki India raised the prices of its various models, except Alto, due to an increase in input costs. Prices of raw materials such as tyres are increasing acutely due to hardening of natural rubber rates. Increasing steel prices have also added to the woes of original equipment manufacturers.
“The (rising) input costs are putting pressure on us... We are discussing internally how to handle the situation,” Saxena added.
Increasing prices of natural rubber, tyre producers of the country have raised the prices of their product by about 10 per cent in this year so far. Apollo Tyres have raised the rates by over 10 per cent and considering another price hike in the near future.