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Hyundai Price Hike In India Announced
Hyundai Motor India Ltd (HMIL) is the latest Indian automaker to join the price hike bandwagon. The South Korea based automaker has announced it will increase price across its product lineup, starting from the Eon compact hatch to Santa Fe SUV. However, the recently launched i10 Grand mid-range hatchback has been exempted from the price hike.
The reason for the price hike by Hyundai is the same as other automakers, which is increased cost of production owing to increased raw material prices, which once again is the result of the falling Indian rupee value against US dollars.
The increases in prices will come into effect from October 1. Prices will go up by Rs 4,000 to Rs 20,000 based on models and variants. Hyundai i10 Grand, released recently, has already been priced aggressively and the automaker cannot afford to increase it this soon.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, "The rupee depreciation and inflationary trends have impacted our input costs. We have been absorbing most of the costs but now we are compelled to consider the price increase.
The other Indian auto manufacturers who recently chose to ease their burden by shifting the negative effects of inflation on to customers include Ford, Toyota, Mercedes Benz, Audi and Nissan.
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