Hyundai prepares for January price surge: Creta, Venue, Exter and others likely to cost more | Mint
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Business News/ Auto News / Hyundai prepares for January price surge: Creta, Venue, Exter and others likely to cost more
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Hyundai prepares for January price surge: Creta, Venue, Exter and others likely to cost more

Hyundai Motor plans to raise prices of its cars and SUVs in the near future to offset growing expenses associated with component prices, inflation, and other factors.

Hyundai Motor is gearing up for another round of price increases. (Hyundai)Premium
Hyundai Motor is gearing up for another round of price increases. (Hyundai)

Hyundai Motor is set to raise the prices of its cars and SUVs in the near future. The Korean automotive company has suggested that the price adjustment may take place by January of the upcoming year, reported HT Auto.

The increase in the cost of models such as Creta, Venue, Exter, Verna, and others is intended to offset the growing expenses associated with component prices, inflation, and various other factors. However, Hyundai has not disclosed the precise date of the price revision or the extent of the hike for its models.

Hyundai Motor is gearing up for another round of price increases, just months after the implementation of its last hike in August of this year. The prices of models such as Venue, Verna, and Tucson were raised by up to 48,000 during the previous adjustment. Notably, all three models had been launched within the past year.

The automaker has stated that it is presently contemplating an impending price hike for its models. Tarun Garg, the COO at Hyundai Motor India, mentioned that the company is strategizing to address the increased costs of raw materials such as copper and plastic, while also mitigating the effects of fluctuations in forex and inflation. 

Garg stated that they will be determining the extent of the price hike in the next couple of weeks, and aim to minimize the impact on consumers.

The automaker is set to join fellow automakers in introducing a new price hike next year to counter escalating costs. Earlier, manufacturers such as Maruti Suzuki, Tata Motors, Mahindra and Mahindra, and Honda Cars had already announced their plans to raise prices for their models starting from January 2024.

Presently, Hyundai Motor holds the position of being the second-largest automaker in India. The Korean company reported sales of 65,801 units in November, reflecting a growth of almost three percent in comparison to the corresponding month of the previous year. The majority of these sales originated from its SUV lineup, encompassing popular models such as Creta, Venue, Exeter, and Tucson. According to Garg, the carmaker's SUV range accounted for 68 percent of its total sales last month.

 

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Published: 04 Dec 2023, 11:21 AM IST
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