The latest carmaker to announce the hike is Hyundai, which will be effective January 2017 onward. The South Korean carmaker has announced that prices will be hiked up to Rs 1 lakh.
The price hike will affect all the models in Hyundai India's line up, from the entry-level Eon to the current flagship, the Santa Fe. The recently launched Tucson will also witness an increase in price.
Hyundai India has reasoned the price hike due to fluctuating exchange rates and increasing marketing expenses. The increase will be effective January 2017.
Rakesh Srivastava, the Senior Vice President of Sales and Marketing at Hyundai India said, "In these challenging year end market conditions, we are constrained to consider price increase on account of factors like increased input costs, fluctuating exchange rates and increasing marketing expenses."
"The proposed price increase will be up to Rs 1,00,000 and will be effective from January 2017 across all models from Eon to Santa Fe."