Hyundai Motor India becomes the latest carmaker in India to announce a price hike across its model range starting from January 2024. The South Korean manufacturer has cited rising input costs, adverse exchange rates, and overall inflation as the reason behind the decision.
At present, the OEM sells 13 models in India, including popular models such as the Grandi10 Nios, i20, Venue, and Creta.Besides that, Hyundai recently debuted the facelifted Verna in the Indian market and it has since been doing well in terms of sales. Additionally, the manufacturer updated its portfolio with the launch of the all-newExter compact SUV.
Tarun Garg, COO, Hyundai Motor India said that it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The company is yet to reveal by what percentage the prices will be increased but come January 1, the new prices will come into effect so it is possible that an announcement will follow towards the end of the year.
At present, the OEM sells 13 models in India, including popular models such as the Grandi10 Nios, i20, Venue, and Creta.Besides that, Hyundai recently debuted the facelifted Verna in the Indian market and it has since been doing well in terms of sales. Additionally, the manufacturer updated its portfolio with the launch of the all-newExter compact SUV.
Tarun Garg, COO, Hyundai Motor India said that it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The company is yet to reveal by what percentage the prices will be increased but come January 1, the new prices will come into effect so it is possible that an announcement will follow towards the end of the year.
Bentley Bentayga EWB Review: Longer but better? | TOI Auto
In November, Hyundai sold 65,801 units in India, registering a 2.80 percent growth as against the 64,003 units sold in the corresponding month last year. The company recently revealed that it is on course to achieve its highest-ever annual six lakh sales milestone by the end of the ongoing year.
In fact, the Indian market has contributed over 18.6 percent to the global Hyundai sales in 2023, thus making the country the third largest market for the carmaker behind only the US and the EU.
Stay tuned to TOI Auto for latest updates on the automotive sector and do follow us on our social media handles on Facebook, Instagram, and X.
Denial of responsibility! Swift Telecast is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – swifttelecast.com. The content will be deleted within 24 hours.