Cars manufactured by Hyundai Motor India will cost more starting January 2024. The automaker announced on Thursday that the price increase was needed owing to rising input costs, an adverse exchange rate, and an increase in commodity prices, amongst other reasons.
However, the automaker maintains it will continue to make consistent internal efforts to minimise future price impacts on customers.
"At Hyundai Motor India, we always try to absorb the cost escalations to the extent possible and ensure continuous customer delight," said Tarun Garg, COO, Hyundai Motor India.
"However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The price hike will be effective from January 1st, 2024," Garg added.
Hyundai Motor India presently operates with a robust network of 1,358 sales points and 1,541 service points across India.
The line-up consists of 13 car models across segments, Grand i10 NIOS, i20, i20 N-Line, AURA, EXTER, VENUE, VENUE N-Line, VERNA, CRETA, ALCAZAR, TUCSON, KONA Electric and all-electric SUV IONIQ 5.
Recently, automaker Maruti Suzuki also announced it will again increase the prices of its cars from January.
According to the automaker, the proposed hike was necessitated due to an increased cost pressure driven by overall inflation and increased commodity prices. The price increase shall vary across models, the company said, without detailing the degree of rise in the rates.
In April this year too, Maruti Suzuki hiked the prices of its cars by 0.8 per cent across the model range. (ANI)