Hyundai to increase car prices to offset high input costs

Hyundai Motor India Ltd (HMIL) today said it will increase prices of all its models to offset the impact of high input costs.

The price increase will come into effect within a couple of weeks, the company said in a statement without specifying the quantum of hike. HMIL Vice-President (National Sales and Marketing) Rakesh Srivastava said: “The price increase has been necessitated by a variety of cost push factors like increase in raw material prices and freight increase.

We have tried to minimise the hike so as to cause less inconvenience to our valued customers.” HMIL sells a range of models from entry level Eon with price starting at Rs 2.75 lakh to premium sports utility vehicles tagged up to Rs 25.38 lakh (ex-showroom Delhi).

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Other car makers have already increased prices of their vehicles. Last week, General Motors India announced hike in prices of its entire range of models by Rs 8,000 to Rs 20,000 depending upon the various models to minimise the impact of adverse currency movement and high input costs.

Maruti Suzuki, Honda Cars, Renault and Audi have also raised the prices of their vehicles to offset adverse impact of foreign exchange fluctuation and rising input costs. The country’s largest car maker Maruti Suzuki India had hiked prices of its all models by up to Rs 5,250 this month.

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Honda Cars India had raised the prices of its three models-Brio, Jazz and City-by up to 2.6 percent with effect from October 1.

Renault India also had hiked rates of its sports utility vehicle Duster by up to Rs 40,000 from this month.

Luxury car maker Audi had hiked the prices of its sports utility vehicle Q3 by up to two per cent, translating into an increase of Rs 50,000, from this month.

PTI