Hyundai Motor India on Tuesday officially announced it will be increasing the prices for its entire product range from next month onwards. The South Korean car manufacturer mentioned that the cars will become expensive from January 2020. The prices for the entire product range will be increased to offset impact of rising input costs. Recently, Maruti Suzuki India and Tata Motors also announced price hikes for their entire product range from next month onwards. Auto Sector Crisis: Passenger Vehicle Sales Decline Marginally in November.
Hyundai Motor India Ltd (HMIL) said in a statement that, "The extent of price increase may vary for different models and fuel types."
However, the car manufacturer didn't reveal details of the model wise price hike. But, it is important to note that the prices will change across the product portfolio. The increase has been necessitated on account of rise in input and material costs, it added.
The company is working out on details and would share the details of the model wise price hike later this month. Additionally, Nissan and Mercedes-Benz India have also decided to increase the prices by five percent and three percent respectively.
With Inputs From PTI
(The above story first appeared on LatestLY on Dec 11, 2019 05:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).