Hyundai to hike prices by up from January
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Hyundai Motor India today said it will increase prices of its vehicles by up to 2 per cent from January in order to offset impact of rising input costs.
The company joins the likes of other automobile companies, including Nissan, Mahindra & Mahindra, Volkswagen, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu, which have already announced price hikes from early next year.
“We have been absorbing the increase in input and material costs but now are constrained to increase the prices up to 2 per cent,” HMIL Director Sales and Marketing Rakesh Srivastava said in a statement.
The revised prices will be implemented from beginning of next year, he added.
The company sells a range of models from hatchback Eon at Rs 3.29 lakh to premier SUV Tuscon priced up to Rs 25.19 lakh.
It has been a long standing practice in the domestic automobile industry to announce price hikes in December as companies try to woo customers, who usually postpone purchases to acquire vehicles in the new year.
Questions & Answers
Q.What is the primary reason for Hyundai's decision to increase vehicle prices from January?
What is the primary reason for Hyundai's decision to increase vehicle prices from January?
Hyundai stated that the price increase is necessary to offset the rising costs of input materials. The company has been absorbing these costs but is now constrained to pass some of them on to consumers.
Q.How much will Hyundai's vehicle prices increase, and when will this change take effect?
How much will Hyundai's vehicle prices increase, and when will this change take effect?
Hyundai plans to increase the prices of its vehicles by up to 2 per cent. These revised prices will be implemented from the beginning of next year, starting in January.
Q.Which other car manufacturers have also announced price increases for early next year?
Which other car manufacturers have also announced price increases for early next year?
Several other automobile companies, including Nissan, Mahindra & Mahindra, Volkswagen, Maruti Suzuki India, Tata Motors, Ford, and Honda Cars India, have also announced price hikes for early next year.
Q.What is a common practice in the domestic automobile industry regarding price hikes announced in December?
What is a common practice in the domestic automobile industry regarding price hikes announced in December?
It is a long-standing industry practice to announce price hikes in December. This is done to encourage customers who might otherwise delay purchases to acquire vehicles in the new year.
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