Hyundai Motor India today said it will increase prices of its vehicles by up to 2 per cent from January in order to offset impact of rising input costs.
The company joins the likes of other automobile companies, including Nissan, Mahindra & Mahindra, Volkswagen, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu, which have already announced price hikes from early next year.
“We have been absorbing the increase in input and material costs but now are constrained to increase the prices up to 2 per cent,” HMIL Director Sales and Marketing Rakesh Srivastava said in a statement.
The revised prices will be implemented from beginning of next year, he added.
The company sells a range of models from hatchback Eon at Rs 3.29 lakh to premier SUV Tuscon priced up to Rs 25.19 lakh.
It has been a long standing practice in the domestic automobile industry to announce price hikes in December as companies try to woo customers, who usually postpone purchases to acquire vehicles in the new year.