)
Korean auto major Hyundai Motor India Ltd (HMIL) today said it will increase prices by up to Rs 20,000 with effect from October 1 to offset the impact of rupee depreciation and rising input costs. The price hike would be across models in the company’s portfolio in the country except for the newly launched compact car Grand i10.
Rakesh Srivastava, senior vice-presisdent (sales & marketing), HMIL said, "We will be increasing the prices from October 1 by Rs 4,000 to Rs 20,000 across models except our new model Hyundai Grand which has been recently launched at an aggressive introductory price.”
"The rupee depreciation and inflationary trends have impacted our input costs. We have been absorbing most of the costs but now we are compelled to consider the price increase”, he added.
The company sells a range of vehicles in India starting from the entry level compact car Eon to high-end sports utility vehicle Santa Fe. While the Eon is tagged between Rs 2.85 lakh and Rs 3.91 lakh (ex-showroom Delhi), the Santa Fe comes for Rs 23.40 lakh to Rs 26.49 lakh (ex-showroom Delhi).
The other popular models of the company include compact car i10 priced at Rs 3.75 lakh to Rs 4.56 lakh, i20 priced between Rs 4.85 lakh and Rs 7.88 lakh (ex-showroom Delhi).
On Tuesday, Toyota Kirloskar Motor (TKM) too announced it would hike prices of its key models by up to Rs 24,000 with effect from September 21, to partly offset higher cost of raw materials and rupee depreciation.
Earlier this month, Ford India had hiked prices by 1-5 per cent on different models with immediate effect to offset rising input costs. General Motors India had also hiked the price of its three models by up to Rs 10,000 from the first week of September.
In August, German luxury car maker Mercedes-Benz had hiked prices of its entire range in India by up to 4.5 per cent from September 1 to partly offset impact of rupee depreciation and higher import duties.
Earlier this year, BMW Group had raised the price of its products across models, including the Mini, by up to 5 per cent. In July, Audi had also hiked prices across its models in India by up to 4 per cent.
Despite the rupee recovering against the dollar over the past few days, the Indian currency has depreciated by 17 per cent since April, pushing up import and input costs.
