Hyundai To Increase Prices In January

Published: Wednesday, December 7, 2011, 17:45 [IST]

The country's second-largest car-maker Hyundai Motor India will raise the prices of its vehicles by 1.5 to 2 per cent by January next year on account of high inflation and the weak rupee.

Hyundai Motor India Director Marketing and Sales Arvind Saxena while speaking about the carmaker's decision to hike prices said: "The price increase will come into effect in January, 2012. We are in the process of working out the specific increase on the various models. Broadly, the increase will be 1.5 to 2 per cent across all models."

He said rising inflation, higher fuel costs and sharp rupee depreciation compelled the company to look at a price increase. "All these factors have now made it very difficult for us to absorb the rising costs," he added.

General Motors and Toyota have already announced plans to increase prices from January. Maruti Suzuki has already increased prices of its diesel cars citing increased input costs. We expect other major carmakers to also follow their counterparts and increase prices soon.

Hyundai currently sells the Santro, i10, 120, Accent, Verna and Santa Fe.