Hyundai Motor India has announced price increases for its models, with effect from January 1, 2024, making it the fifth company to do so, recenrtly.
The company has announced the price increase owing to rising input cost, adverse exchange rate and an increase in commodity prices, amongst other reasons.
Commenting on the price hike, Tarun Garg, COO, Hyundai Motor India,
said, “At Hyundai Motor India, we always try to absorb the cost escalations to
the extent possible and ensure continuous customer delight. However, it has now
become imperative to pass on some portion of the rising input cost to the market
through a minor price increase. The price hike will be effective from January 1, 2024."
He added that HMIL will continue to make consistent internal efforts to minimise future price impact on customers.
Yesterday, Mahindra & Mahindra announced a price hike across SUV and CV range, effective January 2024. This adjustment is in response to the rising costs due to inflation and increased commodity prices, the company said in a press release.