India’s second largest carmaker Hyundai Motor India Ltd. (HMIL) has announced to increase prices of its entire model range to offset impact of rising costs and weakening of rupee against dollar. Maruti Suzuki India too recently revised prices of its vehicles for the same reason (Read Here).
The company currently sells a total of 10 cars – Eon, i10, Grand i10, Xcent, Elite i20, i20 Active, Verna, Creta, Elantra and Santa Fe in the price range of Rs 3.3 lakh – Rs 31.8 lakh (ex-showroom, Delhi). The price increase will be in the range of Rs 3,000 to Rs 20,000 and will come into effect from August 16, 2016.
Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “The rupee depreciation and increase in raw materials cost have impacted our overall costs. We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs. 3,000 to Rs. 20,000 across models.”
Recently Hyundai launched a special edition of the Creta to mark its first successful anniversary in the country. The company has plans to launch the new-generation Tucson and Elantra within this fiscal year. While the Elantra will enter our market during this year’s festive season, the Tucosn might come towards the end of 2016 or early 2017.
Thanks to the great demand for Hyundai Elite i20 and Creta, the company recorded an impressive 12.9 percent year-on-year growth in July 2016. Interestingly, the Creta registered its highest ever monthly sales in July 2016 as the company retailed a total of 13,429 units in the month.