Hyundai announces price hike for vehicles from January 1, 2024

The company which offers vehicles priced between Rs 5.84 lakh and Rs 45.95 lakh, did not specify the exact percentage of the price increase, the adjustment is slated to take effect from January 1, 2024

Hyundai will raise the prices of its vehicle lineup beginning next month, image credit: Reuters

Hyundai Motor India Ltd declared on Thursday that it will raise the prices of its vehicle lineup beginning next month. The decision, attributed to escalating input costs, adverse exchange rates, and a surge in commodity prices, will impact models ranging from the Grand i10 Nios to the electric SUV IONIQ5.

While the company, which offers vehicles priced between Rs 5.84 lakh and Rs 45.95 lakh, did not specify the exact percentage of the price increase, the adjustment is slated to take effect from January 1, 2024.

In a statement, Hyundai Motor India Ltd (HMIL) cited various factors, including rising input costs and adverse exchange rates, as reasons for the impending price adjustment.

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Tarun Garg, Chief Operating Officer (COO) of HMIL, emphasized the company's commitment to absorbing cost escalations where possible to prevent additional burden on customers. However, Garg noted that passing on a portion of the increased input costs through a modest price hike has become necessary.

While ensuring customers are not unduly burdened, HMIL expressed its dedication to implementing internal measures aimed at minimizing future impacts on prices. Hyundai's decision to increase prices aligns with similar announcements from other automakers like Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda, and Audi, all of whom have disclosed plans to adjust vehicle prices in January.

(With input from PTI)

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