New Delhi: Hyundai Motor India Ltd on Monday said it will increase the prices of vehicles across models by up to 2% to offset rising input costs.
“We have been absorbing increase in input costs but now we have decided to pass it marginally to customers. From January onwards, there will be an increase in prices of vehicles by 1.5-2%,” said Hyundai Motor India Ltd director sales and marketing Arvind Saxena.
HMIL sells hatchbacks such as Santro, i10 and i20 and sedans Accent, Verna Transform and Sonata Transform along with sports utility vehicle Santa Fe. The price of these vehicles ranges between Rs 2.75 lakh and Rs 22.95 lakh (ex- showroom Delhi).
The company’s announcement comes a day after General Motors India said it would hike prices by up to 2.5% across models, effective from January 2011, due to rising input costs.
“We will be increasing the prices of our models between 1.5 and 2.5% from January first week next year to offset rising input costs,” General Motors India (GMI) vice-president P. Balendran had said.
In the past, the auto industry has been witnessing the year-end phenomenon of companies announcing in December of a pending price hike in the new year to push sales.