Hyundai sells a wide range of vehicles from the Grand i10 Nios to the IONIQ5 SUV, with prices ranging from Rs 5 lakh all the way up to Rs 45 lakh. The manufacturer did not specify the quantum of the hike, which will be in effect from the first month of 2024.
A statement from the maker of the Creta SUV and i20 hatchback attributed the hike to rising input cost, adverse exchange rate and increase in commodity prices, amongst other reasons.
HMIL COO Tarun Garg, COO said the company always tries to absorb the cost escalations to the extent possible and ensure 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,” Garg added. HMIL said it will continue to make consistent internal efforts to minimize future price impact to customers.
Hyundai is the latest car maker to hike prices, following in the footsteps of Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda and Audi among others.