Hyundai India, the largest car exporter and the second largest car manufacturer in India has announced a price hike across its car portfolio from the month of January 2014. The price hike will vary from Rs 5,000 to Rs 20,000 across car models.
The decision by the carmaker comes after majority of the leading carmakers have already announced a price hike with a similar aim of offsetting increase in input costs and inflation. According to Mr. Rakesh Srivastava Senior Vice President (Sales and Marketing) Hyundai Motor India, the price increase was inevitable in the light of adverse market conditions and depreciation of the Indian Rupee.
Mr. Srivastava stated that the automaker has been absorbing the increase in input costs so far but is now compelled to share the burden with the consumers.
Carmakers in India who have already announced a price hike from January 2014 include Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda and the luxury carmakers BMW, Mercedes Benz and Audi.