Hyundai Motor India Ltd will hike price of its products by up to Rs 20,000 across all models. The company has elaborated the reason as rupee depreciation and inflationary trends that has built a pressure on the input costs. The quantum of price hike will range from Rs 5,000 to Rs 20,000 across all models except the newly launched compact car Grand i10 having aggressive introductory price. The company sells wide range of vehicles in India such as popular Santro, i10, compact car Eon, high-end sports utility vehicle Santa Fe, sedans Verna and Sonata.
The cars fall in the price range of Rs 2.89 lakh and Rs 26.69 lakh (ex-showroom Delhi). HMIL has been absorbing costs till date but the slowdown n the market conditions has consistently increased the input costs, making price rise inevitable. Other eminent automakers like Mercedes-Benz has announced price hike of entire range in India by up to 4.5 percent, similarly General Motors too hiked price of three models up to Rs 10, 000 to offset the pressure. Audi has also raised price across all models in India by up to 4 percent.
Toyota Kirloskar price hike of its key models by up to Rs 24, 000 from September 21, whereas Ford India increased the price by 1 to 5 percent on various models with immediate effect. Maruti Suzuki, Mahindra and Mahindra, Tata Motors and Honda are other auto makers who have joined the trend of price hike citing same reason. The rupee has already recovered certain ground as compared to the dollar during the past few days but it prolonged period of depreciation spoiled the play. Since the month of April, Rupee has weakened over 17 percent against dollar, thereby resulting in increased cost of input and imports.