Hyundai Creta, Verna, Venue all set to become more expensive in new year
Hyundai Motor India has announced a price hike across its model range with effect from January 2023. The South Korean auto giant said that it will be increasing prices owing to “rising input cost." The company further said has continued to absorb rising costs but now decided to pass on a part of the cost increase to customers through the price revision.
That said, Hyundai India has not announced the quantum of the price hike that will be applicable on its product portfolio. The automaker did say it will make internal efforts to minimise the price impact on customers. Hyundai’s domestic range starts with the Grand i10 Nios, and includes models like the Verna, Venue, Creta, Alcazar, Kona Electric and Tucson.
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Hyundai is now gearing up to introduce the Ioniq 5 EV (electric vehicle) next and bookings for the model will open on December 20. Prices are expected to be around ₹50 lakh (ex-showroom) with the model likely to be assembled at the brand’s facility in Tamil Nadu. Expect the Ioniq 5 prices to factor in the price increase upon launch.
Hyundai joins the many automakers who have announced price hikes for the new year. While price increments around the new calendar year have always been the norm, the rising cost of materials have only made hikes more frequent throughout the year. In most cases, carmakers have hiked prices for about four times this in 2022.
Carmakers including Mercedes-Benz, Audi, Kia, Renault, Maruti Suzuki, Tata Motors, Citroen and Jeep India, among others, have all announced price increments from January 2023. On the two-wheeler side, Hero MotoCorp and Tork have announced price hikes while more will follow suit soon.
On the product front, Hyundai will have an action-packed 2023 with multiple launches planned. The brand is likely to bring the new-generation Verna sedan, Creta facelift, new Kona Electric, and possibly the Casper micro SUV too. More details will be available as the new year unfolds.