Hyundai Motors India ltd has announced a price hike of upto 2 percent on all existing models, excluding that is, the Hyundai Creta Facelift which was launched yesterday. Naturally, the company has already considering the revised economics prior to the launch of this vehicle. However, according to Hyundai Motor India, the revised prices will only be applicable as of the 1st of June 2018. Ensuring not to miss out on the month end sales buzz for the month of may. The price hike comes as a direct result of drastic rises to the price of fuel and the additional cost that will be required to pay on some components that the company imports from foreign shores. Which means that this is likely to be particularly applicable to the 1.4-litre engine cars which use an array of imported components!
Commenting on the price increase, Mr Rakesh Srivastava, Director - Sales & Marketing, HMIL said, " We have been absorbing the increase in input costs with the increase in commodity prices, freight increase with a hike in fuel prices and also the increase customs duties of certain components. We are now constrained to pass the same to customers in our products with an increase up to 2% from June 2018."
This is not the first time Hyundai will be bumping its vehicle cost this year, with the previous increase of prices being in January that also saw prices go up by 2 percent. Hyundai did a similar thing at the time, protecting the price of the Verna for the first 20,000 customers before passing on the hike towards the end of the day. Similarly, the prices are unlikely to affect the newly launched i20 automatic that was silently launched on the 10th of May. Sources in dealerships say that the new Hyundai i20 with a CVT gearbox have already arrived and are ready for viewing. Read more on the i20 here. And if you’d like to know how it compares to Maruti Suzuki Baleno, find out here.