South Korean car manufacturer, Hyundai Motor, has announced a price hike of up to Rs 1 lakh across its models. The price hike will be effective on all models from January 2017. Manufacturers such as Toyota Kirloskar, Nissan, Renault and Tata Motors too have announced to increase its prices by 3 percent across its range. The main reason for the increase in prices of cars has been attributed to the increasing cost of production and a continuous increase in foreign exchange rates.
Commenting on the price hike, Rakesh Srivastava, Sr. Vice President, Sales and Marketing said,“In these challenging year end market conditions, we are constrained to consider price increase on account of factors like increased input costs, fluctuating exchange rates and increasing marketing expenses. The proposed price increase will be up to Rs. 1,00,000 and will be effective from January 2017 across all models from Eon to Santa Fe.”
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Earlier this year, Hyundai Motor India announced the increase in its prices from Rs 3,000 to Rs 20,000 on all its models. The increase in prices is attributed to the rising input cost and rupee depreciation. For 2017, Hyundai is planning to launch the facelifted Grand i10, Tuscon with AWD, Verna with mild hybrid and facelift Xcent.
