Hyundai Motor India Ltd (HMIL), has announced a price across its entire model range today. The increase in price varies depending on the model, though the highest increment is INR 30,000.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “In these challenging market conditions, we are constrained to consider the price increase on account of factors like increase in cost of components, weak rupee etc. The proposed price increase up to Rs. 30000 will be effective from January 2016 across all models including Elite and Creta.”
With price increase statements beginning to come in from both regular and premium car makers, we can safely assume that the other car makers also follow suit soon. It’s notable that BMW announced an increase of 3% across its model range effective January 2016 a couple of days back.
Hyundai Motor India Limited (HMIL) is the largest passenger car exporter and the second largest car manufacturer in India. It currently has nine car models across segments – Eon, i10, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra and Santa Fe. HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai has production, quality and testing capabilities.