New Delhi: Hyundai Motor India will raise prices of its entire product portfolio in the range of Rs 5,000 to Rs25,000 from next month, in order to partially offset rising input costs, the company said on Monday.
Hyundai, which is the second largest car maker in the country after Maruti Suzuki, currently sells ten models across the Indian market.
“In these adverse market conditions, the price increase is necessitated on account of increase in inp-ut costs, high cost of impo-rts due to higher rupee depreciation and high cost of sales,” Hyundai Motor India Ltd senior vice-president, Sales and Marketing, Rakesh Srivastava said.
The company has been absorbing most of the costs but is now constrai-ned to consider price increase across all models whi-ch will be effective from January 2015, he added.
Hyundai's entry level compact car Eon is priced between Rs2.87 lakh and Rs3.89 lakh while its costliest model sports utility vehicle Santa Fe is priced between Rs 25.60 lakh and Rs 28.41 lakh (all prices ex-showroom Delhi).
The company's other models include Santro, i10, Grand i10, i20, Xcent, Verna, Elantra and Sonata.Last week, German luxury car maker BMW had announced its decision to raise product prices in India by up to five per cent with effect from first week of January. GM India had also announced the decision to hike prices of its entire product portfolio by up to Rs20,000 from January in order to partially offset rising input costs.
Maruti Suzuki India (MSI) too, plans to hike prices of its models in the range of 2-4 per cent from next month citing the same reason. “We are planning to increase the prices by 2-4 per cent across our entire range of products from January. It was in October 2013 that we had taken our last price hike,” Maruti Suzuki India, ED (marketing and sales) R.S. Kalsi said.
