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Hyundai Motor raises car prices by up to Rs 20,878

New Delhi, Feb 3: Hyundai Motor India Ltd (HMIL) on Friday said it has increased prices of all models starting from Eon to Santa Fe with immediate effect by up to Rs 20,878 to offset

PTI Updated on: February 03, 2013 14:35 IST
hyundai motor raises car prices by up to rs 20 878
hyundai motor raises car prices by up to rs 20 878

New Delhi, Feb 3: Hyundai Motor India Ltd (HMIL) on Friday said it has increased prices of all models starting from Eon to Santa Fe with immediate effect by up to Rs 20,878 to offset impact of rise in input cost and fluctuation in currency.




"On account of rise in input cost and fluctuation in currency, the price hike has been necessitated. We have increased the prices in the range of Rs 4,201 to Rs 20,878 across all the models," HMIL Vice President Sales and Marketing Rakesh Srivastava said in a statement.

The company sells a range of vehicles starting from the entry level hatchback Eon, which was priced at Rs 2.77 lakh-Rs 3.83 lakh to luxury SUV Santa Fe tagged at Rs 22.61 lakh-25.63 lakh (ex-showroom Delhi) before the hike.

Post the price hike, the company's entry level compact car Eon will be costlier by Rs 5,000.

The highest price hike will be on sports utility vehicle Santa Fe, which will cost Rs 20,787 more now.

Many companies, including Maruti and General Motors have hiked prices in recent months despite a slowdown in car sales, as rising costs threaten margins. Hyundai had also raised vehicle prices in November.

Hyundai on Friday reported 4.25 per cent rise in its total sales at 52,024 units in January 2013. The company had sold 49,901 units in the corresponding month previous year, HMIL said in a statement. In the domestic market, the company recorded an increase of 1.19 per cent in sales at 34,302 units compared to 33,900 units in the year-ago period.

Exports of the company also went up by 10.76 per cent to 17,722 units during the month under review from 16,001 units in the same period previous year, the statement said.

"The market was subdued on account of macro-economic factors. For Hyundai, the year has started on a positive note with growth in its domestic and export sales... Marketing initiatives in rural markets are bringing volume growth," HMIL Vice President (Sales and Marketing) Rakesh Srivastava said.

The change in price differential between petrol and diesel rates has increased interest in petrol cars, reflecting in the waiting period for models like Eon, and petrol variants of i20 and Verna, he added.

In the A2 segment (Eon, Santro, i10 and i20), the company sold 45,297 units, while sales in the A3 segment (Accent and Verna) stood at 6,164 units in January 2013.

The company sold 55 units of the sports utility vehicle Santa Fe during the month. Sales of luxury sedan Sonata stood at 20 units, while Elantra witnessed 488 purchases. carmaker, said it has raised vehicle prices by up to Rs 20,878 ($390) due to an increase in input costs and currency fluctuations.

Many companies, including the largest carmaker Maruti Suzuki Ltd and the local unit of General Motors Co , have hiked prices in recent months despite a slowdown in car sales, as rising costs threaten margins. Hyundai had also raised vehicle prices in November.

Hyundai on Friday reported 4.25 per cent rise in its total sales at 52,024 units in January 2013. The company had sold 49,901 units in the corresponding month previous year, HMIL said in a statement. In the domestic market, the company recorded an increase of 1.19 per cent in sales at 34,302 units compared to 33,900 units in the year-ago period.

Exports of the company also went up by 10.76 per cent to 17,722 units during the month under review from 16,001 units in the same period previous year, the statement said.

"The market was subdued on account of macro-economic factors. For Hyundai, the year has started on a positive note with growth in its domestic and export sales... Marketing initiatives in rural markets are bringing volume growth," HMIL Vice President (Sales and Marketing) Rakesh Srivastava said.

The change in price differential between petrol and diesel rates has increased interest in petrol cars, reflecting in the waiting period for models like Eon, and petrol variants of i20 and Verna, he added.

In the A2 segment (Eon, Santro, i10 and i20), the company sold 45,297 units, while sales in the A3 segment (Accent and Verna) stood at 6,164 units in January 2013.

The company sold 55 units of the sports utility vehicle Santa Fe during the month. Sales of luxury sedan Sonata stood at 20 units, while Elantra witnessed 488 purchases.
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