Price of all car models produced by Hyundai Motor India Ltd (HMIL) will be hiked by up to Rs 20,000 from January. The company's decision comes with a view to tackle rising input costs in the wake of depreciating rupee and inflationary effects.
The increase in price would vary from Rs 5,000 to Rs 20,000 depending on the models, according to the company statement. Cars sold by HMIL in India include i10, Santro, sedans Sonata and Verna, that have a price of Rs 2.89 lakh to Rs 26.69 lakh (ex-showroom Delhi).
The adverse market conditions has resulted in a constant increase in cost of input due to the depreciating rupee and inflationary trends, said Rakesh Srivastava HMIL Senior Vice President (Sales and Marketing). So it has become necessary to increase prices, Srivastava added. Increase in price would be effective January 2014 in all models, the company stated. Similar announcements have been made by other automobile manufacturers like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, Honda, BMW, Mercedes and Audi citing similar reasons for price increase from next month.
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(AW: Pratima Tigga)