Many of India's favourite car models will become costlier from New Year, as auto majors in the country are set to increase the prices of their models due to the rising input cost.
The latest company to join the bandwagon is Hyundai Motor India Ltd. (HMIL). Hyundai will hike the prices by up to ₹25,000 across its models in India effective from 1 January.
"In these adverse market conditions, the price increase is necessitated on account of increase in input costs, high cost of imports due to higher rupee depreciation and high cost of sales. We have been absorbing most of the costs but are now constrained to consider price increase across all models in the range of Rs. 5,000 to Rs. 25,000 which will be effective from Jan 2015," said Rakesh Srivastava, Sr. Vice President, Sales and Marketing.
Hyundai's latest offering Elite i20 will also become costlier in the country from next year. Elite i20 has been enjoying a successful drive in the Indian market since entry in August this year. The car has crossed 56,000 booking in the domestic market within four months.
Offered in both petrol and diesel engine options in India, Elite i20 comes in five trims -- Era, Magna, Sportz, Sportz (O) and Asta. Under the hood, the car packs 1.2 litre petrol engine and 1.4 litre CRDi diesel motor.
Last week, car makers like BMW and General Motors India also announced a price hike in the country starting from January. In coming days, other auto majors are also expected to make the announcement regarding the same.
