Close on the heels of Maruti announcing a hike in prices across its portfolio, its rival and competitor, Hyundai Motor India Ltd. has announced price hike across its models as well.
The South Korean auto major did not reveal the exact price hike on each of its models, however, we expect the Hyundai Eon to cost Rs. 3,000 more and the Sante Fe to cost up by Rs. 20,000.
Hyundai's top selling Creta will witness price hike in the range of Rs. 16,000 - 20,000 more. The last time Hyundai raised prices was post the 2016-17 Union Budget in March.
Rakesh Srivastava, senior vice-president (sales and marketing) said, "The rupee depreciation and increase in raw materials cost have impacted our overall costs. We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs. 3,000 to Rs. 20,000 across models."
Hyundai which is the second largest car manufacturer and largest exporter in India sold 55,807 units during the month of July 2016. At the domestic side, Hyundai sold 41,201 units and 14,606 units through exports.
The carmaker has sold nearly 80,000 units of the Creta since its launch back in 2015. Hyundai has posted an impressive growth of 10.7 percent compared to July 2015.