Hyundai Motor India Ltd. (HMIL), the country’s second largest passenger car manufacturer has become the latest in a long line of auto firms to announce a price increase across all its models. As before, the price hike will come into effect in January, 2014.
Commenting on the price hike, Mr. Rakesh Srivastava, the Senior Vice President of Sales and Marketing at Hyundai Motor said, “In these adverse market conditions there is continuous increase in input costs on account of rupee depreciation and inflationary trends, this has made the price increase inevitable. We have been absorbing most of the costs but now we are compelled to consider the price increase. The quantum of price increase will vary from Rs. 5,000/- to Rs. 20,000/- across all our models.”
It currently markets nine car models across different segments - the Hyundai Grand i10, Eon, Santro, i10, i20, Verna, Elantra, Sonata and the Santa Fe SUV and the production of these vehicles is done at Hyundai’s manufacturing facility outside Chennai.