Hyundai hikes price across range in India
Another player from the automobile sector has bowed down to the surmounting pressure thanks to the depreciating rupee, expensive raw materials and other rising input costs. Hyundai Motor India Ltd. (HMIL) has announced a price hike for its entire range of passenger vehicles starting from Eon to Santa Fe. This however does not include the recently launched Hyundai though.
The prices will be hiked come October 1. They will be in the range of Rs.4,000 to Rs.20,000 across models. The Grand i10 has been left out for seemingly obvious reasons, one, because it is a very recent launch, and two, because it has been offered in a very competitive price band.
This step is a clear indication of the company's intent to offset the effects of the bad economic condition, at a cost to the consumer. "The rupee depreciation and inflationary trends have impacted our input costs. We have been absorbing most of the costs but now we are compelled to consider the price increase," said Rakesh Srivastava, Sr. VP â€" Sales and Marketing, HMIL.
Hyundai is simply following suit when it comes to the price hikes. A long list of automakers has already increased prices of their products, clearly indicating the hit on the automobile sector. Brands that have already hiked prices include BMW, Audi, Mercedes, GM, Ford and just recently Toyota.
Hyundai sells the Eon, Santro, i10, Grand i10, i20, Verna, Elantra, Sonata and the Santa Fe in India