Hyundai, GM announce steep price hikes across models
NEW DELHI: New car buyers will have to spendmore this festive season as Hyundai and General Motors have decided to hike product prices by up to 20,000 to offset impact of rupee depreciation and rising input costs while market leader Maruti is still evaluating the situation.
Hyundai Motor India Ltd (HMIL) said it will hike prices by up to 20,000 across models, except the newly launched compact car Grand i10, from October 1, while General Motors said its fourth price hike of the year will be across all models by up to 10,000.
"We will be increasing the prices from October 1 by 4,000 to 20,000 across models except our new model Hyundai Grand which has been recently launched at an aggressive introductory price," HMIL senior vice-president, sales and marketing, Rakesh Srivastava said.
Elaborating, he said: "The rupee depreciation and inflationary trends have impacted input costs. We have been absorbing most of the costs but now we are compelled to consider a price increase."
GM India, which hiked prices of its three models car Beat, SAIL
and multi-purpose vehicle Enjoy by up to 10,000 earlier this month, said it is undertaking another round of increase of up to 1.5% across all models.
"We are increasing the prices of all models, including those which recently saw a hike, at a range of 0.5% to 1.5%," GM India vice-president P Balendran said.
He said the price hike will range from 2,000 to 10,000 depending on the model.
The country's largest car maker, Maruti Suzuki India Ltd, is currently keeping a watch on the situation.
"While we evaluate impact of the increasing costs, we would like our customers to have a good festive time. On price increase we continue to evaluate options of how much and when," an MSIL spokesperson said. Honda Cars India Ltd said the company does not have any plans to hike prices.