Hyundai Motor India Ltd. (HMIL) recently announced that the prices of all their car models will see an upward revision from August 16, 2016. These include cars ranging from their entry-level Eon to their flagship Santa Fe and will vary from Rs 3,000 to Rs 20,000.
The price hike is due to the increase in input and operational costs and will be applicable to their entire range of cars. Many companies had already increased and some are still raising the prices of their products in order to compensate the huge costs they have to bear due to ever rising expenses. This is the impact of which is being passed on to the consumers.
Rakesh Srivastava, Sr. Vice President, Sales and Marketing, HMIL, 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.”