New Delhi, March 19 Joining the league of other automakers, Hyundai Motor India on Wednesday announced a price hike of up to 3 per cent on its cars, effective from next month.
The company cited rising input costs, higher commodity prices, and increased operational expenses as the reasons for the price adjustment.
In its filing to the stock exchanges, Hyundai clarified that the exact increase will vary depending on the model and variant. "The quantum of price increase will vary basis the variants and models”.
The carmaker said that it has tried to absorb rising costs as much as possible. However, due to continued increases in operational expenses, passing on a portion of the cost to customers has become necessary.
“We strive to absorb rising costs to the extent possible, ensuring minimal impact on our customers,” said Arun Garg, Whole-time Director and Chief Operating Officer of Hyundai Motor India.
However, with the sustained increase in operational expenses, “it has now become imperative to pass on a part of this cost escalation through a minor price adjustment,” he added.
Garg further stated that the price increase will be effective in April 2025.
“We remain committed to making consistent internal efforts to minimise any future impact on our valued customers," he mentioned.
Hyundai is not the only automaker to announce a price hike. Earlier, Kia India also said it would increase vehicle prices by 3 per cent from April 1.
Tata Motors and Maruti Suzuki have also raised prices, with Tata increasing commercial vehicle prices by 2 per cent and Maruti implementing a hike of up to 4 per cent across different models.
Hyundai Motor India’s stock closed 2.22 per cent higher at Rs 1,615.30 per share on the Bombay Stock Exchange (BSE) Wednesday.
Automobile manufacturers are struggling with rising costs of raw materials, logistics, and production. Global supply chain disruptions and increasing demand have further pushed up material prices.
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