After Maruti Suzuki, Hyundai to raise car prices next month
What's the story
Hyundai Motor India Limited (HMIL) has announced a price hike of up to 3% across its entire range of models effective from April 1.
The company has attributed the hike to surging input costs, escalating commodity prices, and higher operational expenses.
The actual hike will vary depending on the model and variant chosen.
Official statement
Hyundai's COO explains the necessity for price adjustment
Tarun Garg, the Director and COO of HMIL, said, "At Hyundai Motor India Limited, we strive to absorb rising costs to the extent possible, ensuring minimal impact on our customers."
He added that owing to the continued rise in operational expenses, it has become necessary to pass on a part of this cost escalation through a minor price adjustment.
Industry trend
Other automakers also raising prices
Hyundai's price hike comes amid a wider industry trend, with several automakers revising prices to offset rising production costs.
Maruti Suzuki announced a price hike of up to 4% effective April 1. This is its third hike this year after January and February hikes.
Tata Motors also announced a cost hike of up to 2% across its commercial vehicle range from April 1, citing rising raw material and input costs.
Luxury segment
Luxury car market also facing potential price revisions
In the luxury car category, Mercedes-Benz India is also mulling a price revision in April, provided the Rupee continues to weaken against the Euro.
This was said by Managing Director and CEO Santosh Iyer.
The firm had already hiked prices in January this year and anticipates sluggish luxury car sales for at least two more quarters.