Come August 1, 2015, Hyundai will hike the prices of all of its cars currently being sold in the country. The only exception to this rule will be Korean carmaker’s latest kid on the block, the Creta. Hyundai cars will now become Rs.30,000 dearer to your wallet than before. So if you are mulling on purchasing a Hyundai vehicle, we suggest you get the ball rolling.
Commenting on the price hike was Rakesh Srivastava, Senior Vice President – Sales and Marketing, Hyundai Motor India Ltd. He said, “The price increase has been necessitated by increase of input costs. We have been absorbing most of the costs but now we are constrained to consider the price increase in these challenging market.”
This monsoon season seems to have dampened the growth of many carmakers in the subcontinent. To combat the slow pace, carmakers have had to introduce various discounts/offers to reel in more customers. Though beneficial for the end users, heavy discounts don’t pay much dividends for manufacturers. They are often pressured to absorb many of the overheads that goes with making a car. Eventually, the costs of the cars produced by the carmaker is bound to go north. However, Hyundai India’s decision to hike prices of its cars could lead to others following suit, though that remains to be seen.