High input costs and rupee depreciation drive costs up.
Hyundai Motor India Ltd. (HMIL) has announced a price hike across the range effective from January 2015. The price hike ranges from INR 5,000 to 25,000 depending on the model.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said that the price hike was due to "adverse market conditions, increase in input costs, high cost of imports due to higher rupee depreciation and high cost of sales."
India's second largest carmaker has quite a few products in its pipeline for 2015, apart from the scope of realizing the full potential of the strong selling Elite i20 next year. Hyundai's Elite i20 has been performing strongly since launch and is currently the best selling model for the brand.
Also read: Hyundai Genesis showcased in India
Upcoming products include the Elite i20 Cross and the eagerly anticipated ix25 compact crossover, both of which are currently undergoing tests in India.
Hyundai India announces price hike - Press Release
[Head to Slideshare if you can't view the press release.]
