Business News | Hyundai Cars in India to Get Costlier from January 2024
Get latest articles and stories on Business at LatestLY. Cars manufactured by Hyundai Motor India will cost more starting January 2024. The automaker announced on Thursday that the price increase was needed owing to rising input costs, an adverse exchange rate, and an increase in commodity prices, amongst other reasons.
New Delhi [India], December 7 (ANI): Cars manufactured by Hyundai Motor India will cost more starting January 2024. The automaker announced on Thursday that the price increase was needed owing to rising input costs, an adverse exchange rate, and an increase in commodity prices, amongst other reasons.
However, the automaker maintains it will continue to make consistent internal efforts to minimise future price impacts on customers.
"At Hyundai Motor India, we always try to absorb the cost escalations to the extent possible and ensure continuous customer delight," said Tarun Garg, COO, Hyundai Motor India.
"However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The price hike will be effective from January 1st, 2024," Garg added.
Also Read | Apple Launches Machine Learning Framework 'MLX' and Model Libraries Designed To Run Its Silicon Chips.
Hyundai Motor India presently operates with a robust network of 1,358 sales points and 1,541 service points across India.
The line-up consists of 13 car models across segments, Grand i10 NIOS, i20, i20 N-Line, AURA, EXTER, VENUE, VENUE N-Line, VERNA, CRETA, ALCAZAR, TUCSON, KONA Electric and all-electric SUV IONIQ 5.
Recently, automaker Maruti Suzuki also announced it will again increase the prices of its cars from January.
According to the automaker, the proposed hike was necessitated due to an increased cost pressure driven by overall inflation and increased commodity prices. The price increase shall vary across models, the company said, without detailing the degree of rise in the rates.
In April this year too, Maruti Suzuki hiked the prices of its cars by 0.8 per cent across the model range. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)