Hyundai Motor India Limited (HMIL) has announced that it will be increasing car prices from January 2023. The country’s second largest carmaker, and largest exporter, has cited rising input cost as the reason for the price hike. The company has said that the price revision will take place across its model range, however, Hyundai India has not said what the quantum of the hike.
Announcing the price hike, Hyundai India said, “The company has continued to absorb rising cost, however, will now pass on a part of the input cost increase through a revision in prices across its model range. HMIL will continue to make consistent internal efforts to minimize price impact on customers. New prices for HMIL model range come into effect from January 2023.”
Hyundai India is not the first automaker to announce a price hike. Other carmakers like Maruti Suzuki India, Volkswagen India, Jeep India, Audi India, Mercedes-Benz India, and Volvo Cars India, have also said that they will be increasing car prices from January 2023. Even Tata Motors has announced that it will be increasing the price of its commercial vehicles from a January 2023.
Right now, Hyundai India’s model line-up starts from the compact hatchback Hyundai Grand i10 Nios, which is priced starting at Rs. 5.43 lakh, going up to the company’s flagship model, the new-gen Tucson that tops out at Rs. 34.54 lakh (all prices ex-showroom, Delhi).