Hyundai India Announces Price Hike across All Models
Hyundai Motor India Ltd jumps on the bandwagon, it has announced to hike the prices of its entire product line-up from August 16, 2016. The first similar announcement came just 3 days back from Maruti Suzuki, citing the reason to be FOREX fluctuations. The increase in raw materials cost and the rupee depreciation has impacted the overall costs, HMIL till now have been absorbing most of the increased costs but with no positive changes it has finally decided to increase the prices. The customers will now have to pay around Rs 3000 to Rs 20,000 more depending on the model.
As a reminder, Hyundai increased prices of its models four months back too in the range of Rs 2889 to Rs 82,906. HMIL is the country’s second largest automaker and offers 10 car models across different segments namely Santa Fe, Creta, Elantra, Verna, Elite i20, i20 Active, Grand i10, Xcent, i10 and Eon. The price range of these models ranges from Rs 3.3 lakh to Rs 3.8 lakh (ex-showroom, Delhi). It further plans to introduce the new-gen Elantra and Tucson this fiscal. The Tucson might grace the domestic market by the end of 2016 or in early 2017, while the Elantra is expected to reach us during this festive season.
In India, the Elite i20 and Creta are the best-selling models and have helped the company in registering 12.9% year-on-year growth in July 2016. HMIL also happens to be the biggest passenger car exporter, sending it to 92 countries across Asia Pacific, Latin America, Australia, Africa and Middle East. Hyundai India has a production facility in Chennai and a RND facility in Hyderabad that enables Hyundai to stay ahead in terms of Cutting-edge technology.