Korean car brand Hyundai Motors has decided to pass on the rise in prices of input materials to customers by hiking the prices of Santro, i10 and Accent models in the range of Rs 3,601 to Rs 14,636, with immediate effect.
However, the company has refrained from raising prices of its recently launched premium hatchback i20 as well as the new Sonata as both models are still under the introductory price scheme. Prices of the mid-sized sedan Verna, however, will also go up.
The company, which is also the country's second largest car maker after Maruti Suzuki, in a statement issued today said that the price hike is primarily due to rise in input costs.
It should be remembered that the company, along with other car and utility vehicle makers, had reduced vehicle prices in December following a 4 per cent reduction in Cenvat rate by the government resulting in a cut of about 3.5 per cent in excise duty.
Recently, Maruti Suzuki, Honda Siel, Toyota Kirloskar and Ford Motor India had also decided to raise prices due to similar reasons.
Companies had also blamed costlier import bill for the hike in prices as most cars had higher import content.