New Delhi, December 20, 2018: Hyundai Motor India Ltd. (HMIL), today announced a price increase up to Rs 30,000 on account of increase in input costs. The new prices will be effective from January 2019 across all models.
India has witnessed a rise in the exchange rates of steel, aluminium and other metals amd this has increased the cost burden on automakers that they have to pass it onto the customers in order to retain margins. Other macro-economic factors such as the rise in petrol prices and increase in interest rates have also added pressure. The rise in fuel prices has added to the transportation cost of vehicles to dealerships while the increase in interest rates has made corporate loans more expensive.
The Korean Carmaker at present has a product line-up of nine models in India- Eon, Santro, Grand i10, Elite i20, Xcent, Verna, Elantra, Creta and Tuscon. Hyundai is also likely to launch the new Santa Fe and next-generation Elantra in India in 2019.