Hyundai Motors India to raise prices of its entire line-up from 2024
Hyundai Motor India has announced a price hike throughout its model lineup that will take effect on January 1, 2024. The move is in response to rising manufacturing costs, such as increasing input costs, adverse exchange rates, and a jump in commodity prices, emphasizing the car industry's financial difficulties.
In terms of new pricing, the Grand i10 Nios, i20, i20 N-Line, Aura, Exter, Venue, Venue N-Line, Verna, Creta, Alcazar, Tucson, Kona Electric, and Ioniq 5 SUV are scheduled to be raised by nearly 2 to 3 percent. The South Korean brand presently sells a variety of vehicles in India ranging from the Grand i10 Nios to the electric SUV Ioniq 5, with prices ranging from Rs 5.84 lakh to Rs 45.95 lakh.
HMIL attributes the price increase to a variety of external economic variables. The turbulent global economic environment has resulted in a constant rising trend in input costs. Furthermore, volatility in currency rates and a rise in commodity prices have contributed to the company's higher operational expenditures. Despite efforts to absorb these escalating expenses, the situation has reached a point where a price adjustment is unavoidable.
Commenting on the price hike, Tarun Garg, COO of Hyundai Motor India, said, "At Hyundai Motor India, we always try to absorb the cost escalations to the extent possible and ensure continuous customer delight. However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The price hike will be effective from January 1st, 2024."
HMIL now has a strong network of 1,358 sales points and 1,541 service stations spread over India. The sophisticated production, quality, and testing capabilities of the fully integrated state-of-the-art manufacturing plant in Chennai
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