Hyundai Motor India Ltd - country’s second largest vehicle manufacturer- on Tuesday, announced that prices of its vehicles, across categories, will be increased from January, 2020, due to increase in input prices. The company though didn’t specify the quantum jump in prices of its products and the date on which the decision will be implemented.
Hyundai will be the second manufacturer after market leader, Maruti Suzuki India Ltd, to announce an increase in price of offerings from next month. Other competitors like Tata Motors Ltd and Mahindra and Mahindra ltd is also likely to follow suit.
“Hyundai Motor India Limited country’s first smart mobility solutions provider today announced the price hike across models effective from January 2020. The increase has been necessitated on account of rise in input and material costs," the company spokesperson said in a press release issued.
Yesterday, Hero MotoCorp - country’s largest two wheeler manufacturer- announced its decision to increase prices of its offerings, upto ₹2000, from January.
Vehicle manufacturers announce price hikes of respective products in December to attract customers and reduce stocks with dealers at the end the of the calendar year.