The company will hike the prices of its products by up to 2 percent across all its models in the range of Rs 1000 to Rs 18,000.
Hyundai’s portfolio for India includes Santro, Getz, i10, Accent, Verna and Sonata Embera. The company is yet to announce the quantum of increase for each model. The industry experts believe that the quantum of increase will match the price hike of Maruti Suzuki.
Recently, Maruti Suzuki has announced a similar hike in car prices earlier this week.
The car companies had stated that increase in input costs had added pressure on the production costs. The inputs cost of steel, aluminium, plastic and rubber have increased by 25 percent in the last three months. The car companies were said to be in a catch-22 position as they are going great lengths to get a greater market share and quality also needs to be maintained while company margins needed to be also maintained.
The OEM vendors had also added pressure on the car companies to increase prices of products already under contract. The worst hit were the small car manufacturers for whom margins are thin despite of volume of sales.