The year is about to end, and automakers are happy with their results, and so are they hopeful for the 2015 chapter. Many manufacturers announce a price hike for the come year, at the year end to increase the sale of the current year models and so did Hyundai. India's second largest automobile manufacturer has announced a price hike on all models, effective from January 2015.
Hyundai has not announced the exact details of the price hike, but the statement by the company says an increase of Rs 5000 to Rs 25000, depending on models, though all the models will get a revised price. The statement also cites the reason for the price hike and they have credited the devaluation of the Indian rupee, leading to an increase in the cost of raw materials as the reason.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “In these adverse market conditions, the price increase is necessitated on account of increase in input costs, high cost of imports due to higher rupee depreciation and high cost of sales. We have been absorbing most of the costs but are now constrained to consider price increase across all models in the range of Rs. 5,000 to Rs. 25,000 which will be effective from Jan 2015.”
BMW also announced the price hike by 5% recently and more manufacturers are likely to join the list soon.