Hyundai Motor India Limited (HMIL). The Korean dark horse that took the Indian market and the world by storm. Hyundai’s vehicles charged a slight premium, but were quite value-for-money for the most part, especially since they packed features that the competition lacked.
However, they seem to be facing a price hike that might be difficult for both the company and customers to go through. India’s first smart mobility solutions provider and the largest exporter since its inception, the one, and only Hyundai has announced an increase in prices across its model range owing to rising input costs. The company has continued to absorb the rising cost, however, will now pass on a part of the input cost increase through a revision in prices across its model range. HMIL will continue to make consistent internal efforts to minimize price impact on customers. New prices for the HMIL model range come into effect from January 2023.
HMIL forms a critical part of HMC’s global export hub. It currently exports to around 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific. To support its growth and expansion plans, HMIL currently has 581 dealers and more than 1458 service points across India. It currently has 11 car models across segments GRAND i10 NIOS, All New i20, i20 N Line, AURA, VENUE, VENUE N Line, Spirited New VERNA, All New CRETA, ALCAZAR, New TUCSON & KONA Electric. So, it is no surprise then, that Hyundai is important for India, and, the price hike’s effect should be minimized in order to ensure that everything goes fine. Hyundai is making efforts in that direction, so let’s see what happens. We will know that for sure, in the time to come.