Hyundai Motor India Ltd will hike prices by up to Rs 1 lakh across models from January to offset higher input costs, fluctuating exchange rates and marketing expenses.
"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," HMIL Senior Vice President, Sales, and Marketing Rakesh Srivastava said, reports PTI.
"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," he said. The company sells a range of passenger vehicles, from entry level small car Eon with a starting price of Rs 3.27 lakh to SUV Santa FE priced at Rs 31.98 lakh (ex-showroom Delhi).
Earlier in the day, Nissan Motor India said it will increase prices of its vehicles by up to Rs 30,000 from next month to offset higher input costs. The company sells a range of vehicles under the Nissan and Datsun brands starting with entry level small car Datsun Go priced at Rs 3.28 lakh to SUV Nissan Terrano Rs 13.75 lakh (ex-showroom Delhi).
Tata Motors had yesterday announced that it would hike passenger vehicle prices by Rs 5,000 to Rs 25,000 from next month in order to offset increased input costs.
According to PTI, Renault India has also announced plans to increase prices of its vehicles by up to 3 per cent from next month for the same reason. Earlier, Toyota Kirloskar Motor (TKM) had announced the hike in prices of its vehicles by up to 3 per cent from next month to offset increased input cost and consistent upward trend in foreign exchange rates.