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Hyundai And Toyota To Announce Price Hike
According to Hyundai Motor India's director (Marketing & Sales), Arvind Saxena, Hyundai India had been trying to absorb as much of the cost as it can, but there has been consistent rise in the commodity prices that forced the car-maker to pass some of it to the customers. Maruti Suzuki, India's leading car maker increased the price by 1.5% and now its Hyundai, announcing a price hike of 1.2%.
Toyota Kirloskar Motors have also annouced a price increase for its cars from October 2010. According to Toyota Kirloskar Motors deputy MD (marketing) Sandeep Singh, the input cost pressure is very high and the fluctuation in Yen is also affecting the company. He added that Toyota will review the prices of its products in October. Toyota is yet to announce the exact percentage of hike.
Car-makers continue to face hurdles such as increase in steel prices and tyre rates, which are the essential raw materials for making vehicles. Apart from Maruti, Hyundai and Toyota, other car makers may also announce a price hike this year, which has already witnessed four times price hike from the car makers due to various reasons.
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