Copyright © HT Media Limited
All rights reserved.
Hyundai Motor India, on Thursday, announced a price hike for its entire range of cars in the country. The revised pricing will be applicable from 1st January 2024. The South Korean automaker has stated that the price hike has become necessary because of rising costs of production. With this move, Hyundai becomes the latest automaker to announce a price hike, effective from the first day of next year.
Just a few days ago, several automakers in India announced price hikes for their respective passenger vehicles. Automakers like Maruti Suzuki, Tata Motors, and Mahindra among the mass-market players have announced price hikes that will be effective from January 2024. Now, Hyundai has also joined the pack by announcing a price hike for its range of passenger vehicles that will be effective from the first day of next year.
In an official release, Hyundai said the price hike has been decided owing to rising input costs, adverse exchange rates and an increase in commodity prices, among other reasons. Speaking about the price hike, Tarun Garg, COO of Hyundai Motor India, said that it has become imperative to pass on some portion of rising input costs to the consumers through a minor price hike.
However, the car manufacturer didn't reveal the extent of the price hike and which car will see how much price hike. “At Hyundai Motor India, we always try to absorb the cost escalations to the extent possible and ensure continuous customer delight. However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The price hike will be effective from January 1st, 2024," Garg said. Hyundai also said that it will continue to make efforts to minimize future price impacts on customers.