Korean automaker Hyundai announced that it will be increasing the prices of its vehicles starting near month. Rising input cost, adverse exchange rate and increase in commodity prices were reasons listed by the company for the price hike.
Hyundai Motor India Ltd (HMIL) COO Tarun Garg said that the company has always tried to absorb overhead costs as much as possible to ensure that customers are not burdened. “However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase,” he added.
HMIL has joined a line of other manufactures including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda and Audi among others who too have announced price hikes for their vehicles starting January.