 "car industry")
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.
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.
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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.
Ducati to also raise prices
Italian superbike maker Ducati on Thursday said it will hike prices of select models from January 1, 2024.
The updated prices will come into effect across selected models and variants of the bikes and will be applicable on all official company dealerships in the country, the company said in a statement.
"Due to an increase in operational and other costs related to production, this price correction will be introduced across the product range while maintaining the brand's luxury positioning in the premium motorcycle segment," Ducati India MD Bipul Chandra said.
Ducati sells models like Multistrada V4 S Grand Tour, DesertX Rally, Multistrada V4 RS and the Hypermotard 698 Mono in India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
