Hyundai Motor India Ltd. (HMIL), the country’s largest passenger car exporter and second largest car manufacturer announced the price increase across its models starting from Eon to Santa Fe. Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “The rupee depreciation and increase in raw materials cost have impacted our overall costs. We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs. 3,000 to Rs. 20,000 across models.”
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The price hike comes following the Korean manufacturer’s near 13% sales growth in July 2016. Hyundai Motor India registered the domestic sales of 41,201 units and exports of 14,606 with cumulative sales of 55,807 units for the month of July 2016. The car maker sold a total of 50,411 units in the corresponding month last year thus registering a growth of 10.7%. The domestic business grew by 12.9% with sales jumping from 36,503 units in July 2015 to 41,201 units in July 2016.