Hyundai Motor India, the second largest automobile manufacturer in the country has announced a price hike of up to Rs 5,000 across its car portfolio effective from November 1, 2012. The automaker has attributed the price hike to the increase in the input costs.
According to Mr. Rakesh Srivastava Vice-President (National Sales and Marketing) Hyundai Motor India Ltd (HMIL), the increase in prices is a necessary step to accommodate for various input costs. The carmaker has a car portfolio in India with prices ranging from Rs 2,75,000 (Ex-showroom) for the Eon small car to Rs 25,38,000 (Ex-showroom) for premium sports utility vehicles.
Hyundai’s price hike follows the increase in car prices by other carmakers such as Maruti Suzuki, General Motors India and Honda Cars India who had similar reasons of countering the high input costs and fluctuating currency exchange.