After Tata Motors its time for Hyundai to increase prices of their vehicles

Hyundai Motors India Ltd has announced that they will be hiking the prices of their vehicles by almost INR. 1 Lakh. The new price hike will be effective January 2017 onward. The price hike will affect the entire Hyudai range of cars starting from the entry level Eon to the newly introduced Tucson to their flagship offering Santa Fe.

The Korean auto manufacturer has released official statement which states increase in input costs, fluctuating exchange rates and increasing marketing expenses as the main reason behind taking this decision.

Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, that the increasing challenges of the market at the year end and some other factors like increased input costs, fluctuating exchange rates and increasing marketing expenses has actually forced them to increase the prices of their products by upto INR. 1, 00, 000 which will be effective from January 2017 onward.

Apart from Hyundai Tata Motors too has recently announced hike in their vehicle prices starting from INR. 5, 000 to 25, 000 depending on the model. Now we still have to wait watch which auto manufacturer will walk in the same path and announce price hike in this month.

Riju Ganguly

Press Release

Hyundai Motor India to hike prices across all models

New Delhi, December 13, 2016: Hyundai Motor India Ltd. (HMIL), the country’s largest passenger car exporter and second largest car manufacturer today announced a proposed price increase across all its models up to Rs 1,00,000.

Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “In these challenging year end market conditions, we are constrained to consider price increase on account of factors like increased input costs, fluctuating exchange rates and increasing marketing expenses. The proposed price increase will be up to Rs. 1,00,000 and will be effective from January 2017 across all models from Eon to Santa Fe.”

What do you think?
Show Comments