Many of India's favourite car models will become costlier from New Year as the auto majors in the country are set to increase the prices of their models starting from January, owing to the rising input cost.
The latest company to join the bandwagon is the South Korean auto major Hyundai. The prices of Hyundai cars in India will go up by up to Rs 1 lakh from January. The price hike will also be effective for Hyundai's newly launched SUV the Tucson. Hyundai India has 11 models in its portfolio—Eon hatchback, i10 hatchback, Grand i10 hatchback, Xcent sedan, Elite i20 hatchback, i20 Active crossover, Elantra sedan, Creta SUV, Tucson SUV and Santa Fe SUV. Hyundai is expected to release the model-wise prices soon.
"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," Rakesh Srivastava, Sr Vice President, Sales and Marketing said.
Earlier today, Nissan and Datsun announced price hike across its range by up to Rs 30,000. Other carmakers, which are already in the list include Renault, Toyota and Tata. While the price hike of Toyota is in the range of 3 percent, the prices of Tata vehicles will go up in the range of Rs 5,000 to Rs 25,000, depending on the model. Other carmakers in India are also expected to follow suit soon.