Hyundai Motor India on December 10 said it will increase prices of its entire product range from January 2020 to balance rising input costs
Not disclosing details of model wise price change, Hyundai Motor India Ltd (HMIL) said in a statement, “The extent of price increase may vary for different models and fuel types.”
The Korean company said it was working out on details and would share the details of the model wise price hike later this month.
The move comes out after Maruti Suzuki and Tata Motors have already announced to increase prices from January.
On December 3 and 4, Maruti Suzuki and Tata Motors, respectively, said they would increase prices across their vehicle range from January 2020.
“…it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2020,” Maruti Suzuki said.
Rise in prices comes when economic crises in the country are much talked about. The Gross Domestic Product rate (GDP) of India had been reduced to 4.5 per cent and it hit a six-and-a-half-year low in July-September quarter of 2019. With falling GDP rate, people earn less than what they did before.
Former Prime Minister Manmohan Singh had earlier said that it was “cyclic slowdown” and it would take years to get out of the “very worrying” crises.
In a similar pattern, Hyundai together with its competitors had increased vehicle prices in 2012.
Hyundai once also known as rising star of car market had earlier increased its car prices in 2013, 2015 and in 2016 as well.