Hyundai Motor India Ltd. (HMIL), the second largest car manufacturer in India has announced a price hike across its model range, effective from January 2014. The increase would range from INR 5,000 to INR 20,000, depending upon the model.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “In these adverse market conditions there is continuous increase in input costs on account of rupee depreciation and inflationary trends, this has made the price increase inevitable. We have been absorbing most of the costs but now we are compelled to consider the price increase. The quantum of price increase will vary from Rs. 5,000/- to Rs. 20,000/- across all our models."
In the month of November, company registered a dip of 10.9 percent in the sales graph, compared to the corresponding month of last year. Before Hyundai, leading carmakers Maruti Suzuki, Honda, Tata Motors, Mercedes-Benz, BMW and Audi had already announced to hike prices from January 2014.