After Maruti, Tata and Mahindra, Hyundai too plans price hike soon
Hyundai Motor is planning to hike prices of its cars and SUVs in coming days. The Korean auto giant has hinted that the increase in prices could happen by January next year. The price hike of its models like Creta, Venue, Exter and Verna besides other models will be implemented to compensate for rise in component prices, inflation and other factors. However, the carmaker did not specify the exact date when the price hike will be effective, or the quantum of hike to be implemented on its models yet.
The new price hike by Hyundai Motor will come within months after the carmaker implemented its last hike in August this year. Prices of its models like Venue, Verna and Tucson were increase by up to ₹48,000. All three models were launched in the past one year.
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Hyundai Motor said that the upcoming price hike of its models is currently under consideration. Tarun Garg, COO at Hyundai Motor India, said that the carmaker is planning to tackle rise in prices of raw materials copper and plastic, besides softening the impact of forex movement and inflation. He said, "We will be finalising the quantum of price hike in the next couple of weeks and we will try to keep the impact minimal to the consumers."
Hyundai Motor will join other carmakers others to implement fresh price hike next year to offset rising costs. Earlier, carmakers like Maruti Suzuki, Tata Motors, Mahindra and Mahindra and Honda Cars had confirmed they will increase prices of its models from January, 2024.
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Hyundai Motor is currently the second largest carmaker in India. The Korean manufacturer recorded sales of 65,801 units in November, clocking a growth of nearly three per cent compared to the same month last year. Bulk of its sales have come from its SUVs which include the likes of Creta, Venue, Exter and Tucson. Garg said that the carmaker's SUV lineup has contributed 68 per cent of its overall sales last month.
Hyundai Creta remains its best-selling model across India. The compact SUV is due for a facelift by next year. The Exter, its smallest model in the SUV segment, has also hit a major milestone of one lakh bookings within a seven months of its launch.