South Korean Automobile giant, Hyundai Motor India Ltd has announced the price hike in all its models except the newly launched SUV CRETA up to Rs. 30,000 from August 1.
“The price increase has been necessitated by increase of input costs. We have been absorbing most of the costs but now we are constrained to consider the price increase in these challenging market.” Mr. Rakesh Srivastava, Sr. VP – sales and marketing, Hyundai Motor India Ltd.
India’s car market, which is world’s sixth largest is expected to grow three by 2020 as income rise. In this in-active buying environment, Hyundai was in constant pressure to sustain high level of discounts to attract buyers in India. This price rise may put pressure on other car makers to increase their prices.
After two decades in India, and becoming the second largest car manufacturer in the country now Korean Automobile giant has decided to invest Rs 4,500 crore to boost the production capacity to over a million vehicles.
According to reports recently Hyundai launched a special monsoon discount up to Rs. 70,000. This sudden rise in the price will surely break a lot of hearts, who wished to buy a Hyundai car this year.
Earlier, following discounts were offered on Hyundai models:
Hyundai Verna (Petrol & Diesel) – Savings up to Rs. 50,000
Hyundai Grand i10 (Petrol & Diesel) – Savings up to Rs. 26,000
Hyundai Eon Petrol – Savings up to Rs. 23,500
Hyundai Eon CNG – Savings up to Rs. 26,000
Hyundai i10 Petrol – Savings up to Rs. 37,500
Hyundai i10 CNG – Savings up to Rs. 42,500
Hyundai Xcent (Petrol & Diesel) – Savings up to Rs. 28,000
Hyundai Elantra (Petrol & Diesel) – Savings up to Rs. 60,000
Hyundai Santa Fe – Savings up to Rs. 70,000
However, there was no discount in i20 Elite, the top-selling car of Hyundai, that costs from Rs.5.3 lakhs onwards.