Hyundai Motor India Limited (HMIL), renowned as India’s pioneer in smart mobility solutions and a consistent top exporter, has revealed plans for a price hike effective January 1, 2024, across its vehicle models. The surge in prices is attributed to escalating input expenses, adverse currency exchange rates, and a general upswing in commodity prices, among other factors.
Hyundai Price Hike
The Korean automaker, recognized for its diverse lineup spanning from the Grand i10 Nios to the electric SUV IONIQ5, priced between Rs 5.84 lakh to Rs 45.95 lakh, refrained from specifying the exact percentage increase set for the new year.
Presently securing the position as India’s second-largest automaker, Hyundai Motor exhibited a positive sales trend in November, clocking 65,801 units sold—a nearly three percent growth compared to the same period last year. The surge in sales predominantly stemmed from its robust SUV segment, comprising popular models like Creta, Venue, Exter, and Tucson. Notably, the SUV range contributed significantly. It accounted for 68 percent of the overall sales volume last month, as per Garg, a representative of the carmaker.
HMIL has said that it will continue to make consistent internal efforts to minimize future price impacts to customers.
Official Statement
Commenting on the price hike, Mr Tarun Garg, COO, Hyundai Motor India, said. “At Hyundai Motor India, we always try to absorb the cost escalations to the extent possible. And thus ensure continuous customer delight. However, it has now become imperative to pass on some portion of the rising input cost to the market. Through a minor price increase. The price hike will be effective from January 1st, 2024.”