Hyundai Motor India Ltd. (HMIL), the country’s largest passenger car exporter and second largest car manufacturer, today announced that the prices of all its models, starting from the Eon hatchback to the Santa Fe premium SUV and excluding the recently launched Hyundai Grand i10, have been increased by up to INR 20000.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “The rupee depreciation and inflationary trends have impacted our input 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 October 01 by Rs.4,000/- to Rs. 20,000/- across models except our new model Hyundai Grand which has been recently launched at an aggressive introductory price.”
With this announcement, Hyundai becomes the second car manufacturer in India (the first being Toyota Kirloskar Motors) to have hiked the prices of its models in recent times. As mentioned by Mr. Rakesh in his comment above, the reason for this price increase is the Indian Rupee becoming weaker against the US Dollar and the fast increasing costs of inputs.