Hyundai says to raise car prices in India starting next year

The company has cited market conditions as reason for the hike in prices

South Korea's Hyundai Motor Co plans to raise the prices of its car models in India by up to 30,000 rupees ($448.60) starting in January, its local unit said, citing challenging market conditions.

"We are constrained to consider the price increase on account of factors like increase in cost of components, weak rupee etc," Rakesh Srivastava, senior vice president of sales and marketing at Hyundai Motor India Ltd, said in a statement.

Hyundai's plans come a week after German carmaker BMW said it would raise the prices of its BMW- and Mini-branded cars sold in India by up to 3% starting next year.

 

Hyundai is India's second-largest carmaker by sales and the country's largest exporter.

India's car market, the world's sixth largest, is expected to grow to the number three position by 2020 as incomes rise.