Hyundai Motor India Announces Price Hike

Hyundai India has hiked prices across the entire line-up ranging from Rs. 15,000 to 1, 27,000 effective from January 01, 2015

Country’s second largest automaker and top exporter, Hyundai Motor India Ltd. has announced price increment across all its models effective from January 01, 2015. Korean automaker has joined the price hike spree, courtesy to the government withdrawal of excise duty relaxation and increase in initial manufacturing cost. Hyundai India sells cars starting from EON to the flagship - Santa-Fe, prices have increased in the range of Rs. 15,000 - Rs. 1.27 lac.

Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “In  these adverse market conditions, the price increase is necessitated on account of the higher excise duty and increased input cost. We have increased the prices across all models starting from Eon to Santa Fe in the range of Rs.15, 000 - 1, 27,000 effective from January 01, 2015.”

Earlier, Honda has also announced price hike across its range and most of the other manufacturers are prepping up for price increment. Adding on this context, the raw material cost has been increased and majorly the reduced excise duty cut attracting on the vehicles, has been taken back on 31st December 2014. Moreover, sales in the year 2014 were not as expected and even the festive season was a bit on the colder side when it comes to sales, manufacturer are incurring the losses.