We reported some days back that Maruti Suzuki and Hyundai were the only brands so far which were refraining from increasing prices starting January 2018. Now though, Hyundai has just announced that the prices across all its models will go up by 2% with effect from January next year. The reason provided by the South Korean brand is same as cited by other car manufacturers, which is an increase in input and material costs. Hyundai's best-seller will now be priced by almost Rs 19,000, bringing the price of the base trim up to somewhere about Rs 9.48 lakh.
Commenting on the Price increase, Rakesh Srivastava, Director - Sales & Marketing, HMIL said, “We have been absorbing the increase in input and material costs but now are constrained to increase the prices up to 2%.”
Hyundai has now joined a band of several brands that recently announced that prices across their model range would go up starting January 2018. Skoda Auto announced in the last week of November that cars will get expensive in 2018. The company issued this hike in the range of 2 to 3 percent. So, starting next month, Skoda cars will be more expensive by Rs 14,000-50,000. Similarly, Isuzu Motor India will be increasing the prices on its product lineup by 3-4% from 1 January. Isuzu is most known for the D-Max, which will see a price hike of about Rs 15,000 for the regular cab commercial vehicle and the premium SUV MU-X will be costlier by about Rs 1 lakh.
Honda became the third car manufacturer to announce price hikes up to Rs 25,000. A spokesperson for the Japanese brand said that the company plans to hike prices on all models ranging between 1-2% from January next year.
Toyota Kirloskar Motor has also said that there will be an increment in prices across its model range by up to 3% from January 2018. This will raise the price of the Toyota Fortuner, which is currently priced at Rs 26.02 lakh (ex-showroom) for the base model, by about Rs 78,000 and the increment on the top trim will be about Rs 95,000. Mahindra & Mahindra too is set to raise prices in the range of Rs 7,000-30,000, depending on the model.