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regular-article-logo Friday, 23 February 2024

Hyundai Motor India to increase vehicle prices from January 1

The price increase is owing to rising input cost, adverse exchange rate and increase in commodity prices, amongst other reasons

PTI New Delhi Published 07.12.23, 11:46 AM
Representational image.

Representational image. File

Automaker Hyundai Motor India Ltd on Thursday said it will hike the prices of its vehicles from next month citing rising input cost, adverse exchange rate and increase in commodity prices.

The company, which sells a range of vehicles starting from Grand i10 Nios to electric SUV IONIQ5, priced between Rs 5.84 lakh to Rs 45.95 lakh, however, did not specify the quantum of the proposed price increase to be effective from January 1, 2024.

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The price increase is owing to rising input cost, adverse exchange rate and increase in commodity prices, amongst other reasons, Hyundai Motor India Ltd (HMIL), said in a statement.

HMIL COO Tarun Garg, COO said the company always tries to absorb the cost escalations to the extent possible and ensure customers are not burdened.

"However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase," he added.

HMIL said it will continue to make consistent internal efforts to minimize future price impact to customers.

The company joins the likes of Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda and Audi among others which have also announced plans to increase vehicle prices in January.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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