Hyundai Motors has announced yet another price hike. The South Korea based car maker has stated that increasing input costs had lead to its decision to increase its car prices. Hyundai is not the first carmaker to have announced price hikes. Maruti Suzuki, Renault, Audi, Honda and General Motors had announced increased prices in early October.
In its release Hyundai Motors has said that the it was forced to pass on the increasing input costs to its customers from 1st November. Speaking about the new price hike, Mr. Rakesh Srivastava, Vice President - National Sales and marketing, Hyundai Motor India Ltd., said: "The price increase has been necessitated by a variety of input costs. We have tried to minimize the price increase to cause less inconvenience to our valued customers."
Carmakers in India have increased prices of their products thrice this year starting from January. The most recent series of price hikes started in early October when Maruti Suzuki announced a price hike that will range between Rs 2,500 to Rs.5,250. Honda has increased prices of its cars made in India - City sedan, Jazz and Brio by 2.6%.
Carmakers offer their new cars with an introductory price tag and slowly increase prices. The same appears to have happened with the Renault Duster and Audi Q3. While the Duster's price has been increased by Rs.40,000, Audi has increased the price of its smallest premium SUV Q3 by Rs.50,000.