It looks like auto companies are finding it hard to maintain business in India with the rising input cost. Last week, many car makers announced a price hike of their range of models in the country and now the latest one to join the list is Hyundai India.
The South Korean auto major Hyundai has increased the prices of all its models in India by up to Rs 30,000 and the hike is effective from January. This is Hyundai's second hike in less than two months of time. Earlier in October Hyundai increased the prices of its Elite i20 and Creta SUV by up to Rs 25,000.
Announcing the hike, Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, "In these challenging market conditions, we are constrained to consider the price increase on account of factors like increase in cost of components, weak rupee etc. The proposed price increase up to 30000 will be effective from January 2016 across all models including Elite and Creta."
Automakers like BMW, Mercedes Benz and Toyota have also announced a price hike in India. While Toyota Kirloskar Motor (TKM) and BMW hiked the prices of its entire range of vehicles by 3%, the Mercedes Benz increased by up to 2%.