New Delhi, Nov. 24: Hyundai Motors India Ltd and Honda Siel are planning to increase prices of their entire product range because of rising input costs.

While Hyundai Motors will raise prices by the end of December, Honda Siel may do so either by the year-end or stretch it to early next year.

“It was necessary to go for a hike since there has been a substantial increase in input cost. It is unavoidable and plans are being firmed up,” Arvind Saxena, vice-president, marketing and sales of Hyundai Motors, told The Telegraph.

Hyundai Motors will hike prices across its models by up to Rs 15,000. The price revision will be for all models, including the Santro, premium hatchback Getz, sedan Sonata and the newly launched Verna, said company officials.

This is for the second time that Hyundai Motors is increasing car prices this year. In July, the increase was as low as Rs 700 for the Sonata and the Tuscon while the Elantra CRDi saw the maximum increase of Rs 26,000. Prices of the Santro were increased by Rs 3,500.

Honda Siel Cars India Limited, the subsidiary of Japan’s Honda Motor, is also mulling a price hike. “The increase will be around 1.5-2 per cent across all models. Rise in input cost is the main factor behind this increase,” a company spokesperson said.

“Honda does not believe in disturbing the prices of its models once a car is launched. Since the last two years, the company has not gone in for a price hike. However, we can absorb increase in input prices only up to a point,” he added.

HSCIL, which sells the City, the Accord, the Civic and the CRV in India, will launch its third generation CRV early next week to replace the current CRV.

The City is priced between Rs 6.6 and 7.8 lakh, while the Civic, which has both manual and automatic transmission engines, costs between Rs 10.75 and 11.45 lakh, ex-showroom, Delhi. The Accord is priced between Rs 14.6 and 16.9 lakh while the CRV costs between Rs 15 and 16 lakh.