NEW DELHI: Hyundai Motor India Ltd on Friday announced that it will increase prices by up to Rs 20,000 across models from August 16 to offset rising input costs and impact of rupee depreciation.
“The rupee depreciation+ and the increase in input costs have impacted our overall cost+ . We have been absorbing most of the cost. Now, we have been compelled to increase prices,” Hyundai Motor India Ltd (HMIL) Senior Vice-President (sales & marketing) Rakesh Srivastava said.
The increase in prices will range from Rs 3,000 to Rs 20,000 across models, he said, adding that “we are currently working out the details”.
HMIL sells a range of vehicles, starting from entry-level small car Eon to premium SUV Santa Fe, which are priced between Rs 3.25 lakh and Rs 31.75 lakh (ex-showroom Delhi).
The company’s announcement comes days after the country’s largest carmaker Maruti Suzuki India (MSI) hiked prices+ of its various models by up to Rs 20,000.
This is likely a business plan as festival season to begin soon; increase now and then comeup with festival discounts !Tvkon
MSI had increased the price of its compact SUV Vitara Brezza by Rs 20,000 and that of its premium hatchback Baleno by Rs 10,000. On a select range, the price hike was between Rs 1,500 and Rs 5,000.
The company sells a range of models starting from hatchback Alto 800 to premium crossover S-Cross, priced between Rs 2.45 lakh to Rs 12.03 lakh (ex-showroom Delhi).