Hyundai Motor India Ltd (HMIL) said it will increase prices of its vehicles by up to 2 percent from January in order to offset impact of rising input costs.
The company joins the likes of other automobile companies, including Nissan, Mahindra & Mahindra, Volkswagen, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu, which have already announced price hikes from early next year.
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“We have been absorbing the increase in input and material costs but now are constrained to increase the prices up to 2 per cent,” HMIL Director Sales and Marketing Rakesh Srivastava said in a statement. The revised prices will be implemented from beginning of next year, he added.
The company sells a range of models from hatchback Eon at Rs 3.29 lakh to premier SUV Tuscon priced up to Rs 25.19 lakh.
It has been a long standing practice in the domestic automobile industry to announce price hikes in December as companies try to woo customers, who usually postpone purchases to acquire vehicles in the new year.
The second largest car-maker Hyundai India recently now rolled out its 5 millionth car in the country.
Hyundai has 480 dealers and over 1,260 service points, including 422 rural outlets and sells the Eon, Verna, Creta, i10 Grand, Elite i20 & i20 Active, Xcent, Tucson, Elantra and Santa Fe.
Being the largest car exporter, Hyundai currently ships its models to around 87 countries across Africa, Middle East, Latin America, Australia and the Asia Pacific.
(Written with inputs from PTI)
