Autombile major Hyundai Motor India Ltd on Tuesday announced that it would increase prices across various models of vehicles from January 2020 on account of rise in input and material costs. With this, the wholly-owned subsidiary of Hyundai Motor Company joins the league of Maruti Suzuki and Tata Motors, who have both announced a similar hike in prices last week, effective from January.
"The extent of price increase may vary for different models and fuel types," Hyundai stated. The company is working out on details and would share the details of the model wise price hike later this month.
Car models manufactured by Hyundai include Santro, Grand i10, Xcent, Verna, Elantra, Venue and Creta, among others. Other automakers like Toyota, Mahindra & Mahindra and Mercedes-Benz are also contemplating a similar move.
In addition to rising commodity prices, switching to BSVI regime has also forced companies to go for a hike. Tata Motors had last week announced that its price hike was to offset impact of upgrading its portfolio to conform to BSVI emission norms. While Tata Motors President (Passenger Vehicles Business Unit) Mayank Pareek declined to quantify the increase in prices, he said that the hike would be on a higher side as compared to earlier price revisions taken by the company. "We are working on the calculations...normally if any change happens the prices go up by Rs 10,000-15,000. Now there are two things happening, one is BSVI and there is also pressure from rise in commodity prices," Pareek said.
BSVI emission norms in India are slated to kick in from April 1, 2020.
