Hyundai Motor India on December 10 announced that it will higher the prices of its whole product range from January 2020, to essentially balance the impact of increasing input costs.
“The extent of price increase may vary for different models and fuel types,” Hyundai Motor India Ltd (HMIL) said in a statement. The company, however, did not share details of model wise price change.
The acceleration in the prices has been demanded on account of rise in input and material costs, it added. The company is working out on details and would reveal the details of the model wise price hike by December end.
Maruti Suzuki and Tata Motors have already announced to hike prices from January.
On December 3, Maruti Suzuki said it would hike prices across its vehicle range from January 2020. “…Over the past year, the cost of company’s vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2020,” the car maker said in a communique to the stock exchanges.
The very next day, Tata Motors also announced that it would increase prices of its passenger vehicles from January. “With BSVI products coming in, prices will increase from January,” Tata Motors president (Passenger Vehicles Business Unit) Mayank Pareek said. “We are working on the calculations…normally if any change happens the prices go up by ₹10,000-15,000. Now there are two things happening, one is BSVI and there is also pressure from rise in commodity prices,” Mr. Pareek said.